Apple (AAPL) iPhone Data Points From China Show Improving Demand - Wells Fargo
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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.
Shares of Apple closed at $123.03 yesterday.
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