Apple (AAPL) Carriers Reach New Highs - Wells Fargo

Wells Fargo analyst Maynard Um highlighted significant new carriers for Apple (NASDAQ: AAPL). Apple added 26 new carriers as of the end of November to reach a new high of 433 versus a previous high of 418, according to Um.

Um noted that all of the 26 carrier additions listed came from Africa, which has lower relative penetration. With the additions, this brings the mobile subscriber base of operators in Africa that carry iPhone to 86% from 82%.

"The additional carrier additions should be incremental to driving iPhone unit sales and implies December quarter units per carrier of 180K versus in the 5S cycle of 175K per carrier, which we see as more than reasonable," Um commented.

The firm reiterated an Outperform rating and $125-$135 valuation range.

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 $118.30 yesterday.

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