Chinese customer are buying iPhones, iPhone 12 is ‘surprisingly rising in China’

As Morgan Stanley is increasingly optimistic about the iPhone 12 ‘supercycle’, Morgan StanleyApple raised on FridayThe target price, and the Chinese users ‘contribute to this’.

Morgan Stanley keeps going with its ‘overweight’ rating on Apple on Friday, and at the same time raised its target price to US$144, which is more than 10% higher than the current stock price. Affected by the broader market, Apple fell more than 1% on Friday. As of press time, Apple fell 1.74% to $126.46.

Morgan Stanley analyst Katy Huberty said,’ With a stable product structure, positive supply chain data, and the good performance of the iPhone 12, we are very optimistic about the ‘presently cycle’.

Chinese users have played an important role in the ‘supercycle’. Huberty said that the iPhone 12 is ‘surprisingly rising in China,’ and China’s iPhone shipments are expected to enhance by about 40% year-on-year in the fourth quarter.

China’s smartphone shipments in October and November fell 28% and 17% year-on-year, respectively. However, international suppliers accounted for approximately 24% of shipments, a significant increase of 10%-13% from 2019.

Based on this, Huberty expects iPhone shipments to increase by 7% year-on-year in October and 95% year-on-year in November. And Apple has previously stated that China’s sales growth in the fourth quarter is expected to reach “strong double digits.”

It is worth noting that, benefiting from the release of the iPhone 12 series and Huawei and other factors, as of the end of November, the number of iPhone users in China has increased to 20.2%.

(Via)