Apple (AAPL) iPhone Data Points From China Show Improving Demand - Wells Fargo

Wells Fargo analyst Aaron Rakers reiterated an Overweight rating and $140.00 price target on Apple (NASDAQ: AAPL) noting two key China driven datapoints on the iPhone cycle:

1) China mobile phone exports rose 61% m/m in November to $20.6 billion. This represents a 9% y/y increase, which compares to - 53% and -32% y/y in September and October, respectively. Based on
historical Oct + Nov contributions, this would imply 4Q20 tracking to a 55%+ q/q increase

2) CAICT released for November showed smartphone shipments totaling ~27.7 million, -17% y/y, but +11% m/m. More notably, non-China branded mobile phones were implied at ~6.90 million in November, an increase of 100% y/y and up from 5.83 million in October.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $123.03 yesterday.

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