{"id":37169,"date":"2023-07-18T06:24:00","date_gmt":"2023-07-18T10:24:00","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/apples-stock-gets-a-price-target-bump-pay-attention-to-revenue-from-india\/"},"modified":"2023-07-18T06:24:03","modified_gmt":"2023-07-18T10:24:03","slug":"apples-stock-gets-a-price-target-bump-pay-attention-to-revenue-from-india","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37169","title":{"rendered":"Apple’s Stock Gets a Price Target Bump. Pay Attention to Revenue from India."},"content":{"rendered":"
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Apple\u2019s stock extended its rally on Monday, closing at a record high, after
\n Morgan Stanley
\n analysts quantified the opportunity that lies ahead for the company as it expands in India. <\/p>\n

\n Apple\u2019s
\n stock (ticker: AAPL) closed up 1.7% to $193.99 on Monday, the largest one-day percentage increase this month, marking four straight days of gains. It was the first record high since June 30. <\/p>\n

\n

In a Sunday note, Morgan Stanley analyst Erik Woodring and his group, including Saurabh Mehta from the firm\u2019s India team, reiterated an Overweight call, the equivalent of Buy, on Apple. The firm raised its price target to $220 from $190 earlier, implying that the stock could rise more than 15.5% from Friday\u2019s close by July 2024. <\/p>\n

Morgan Stanley\u2019s bullish take stems from the firm\u2019s estimate that India can add over 170 million new Apple users. The analysts say revenue from India can grow at a compounded annual rate of more than 20% to reach nearly $40 billion over the next 10 years. In 2022, revenue from India was almost $6 billion, according to unidentified sources cited by Reuters and Bloomberg in April, while Apple reported\u00a0an overall total of $394 billion.<\/p>\n

The forecast is based on data from Morgan Stanley\u2019s new AlphaWise India Smartphone Survey, which polled more than 3,000 urban smartphone owners.<\/p>\n

\u201cThe survey results positively surprised us,\u201d the team wrote, saying more people intend to buy Apple phones as perceptions about the brand improve. The upshot is that Apple has an opportunity to win customers away from the Android operating system, they said.<\/p>\n

An iPhone SE, one of the lowest-priced models, can cost about $600 in India based on current exchange rates, putting the phones in the premium segment of the market. That segment reached a double-digit share of the market, at 11% of India\u2019s smartphone shipments, for the first time last year, according to Counterpoint Research data. <\/p>\n

Apple\u2019s India growth story took wings in April when the\u00a0company opened\u00a0its first store in Mumbai, followed by a New Delhi outlet. According to local media, government officials have proposed that\u00a0Apple produce goods worth $50 billion a year in India over the next five to six years under Prime Minister Narendra Modi\u2019s \u201cMake in India\u201d program, which is intended to boost the manufacturing sector.<\/p>\n

On a May call discussing Apple\u2019s earnings, CEO Tim Cook said that he sees opportunity across the board, including in services, rather than only in iPhones, in India.<\/p>\n

\u201cObviously, the average revenue per user are [much] lower in India for whether you\u2019re talking about TV and movie streaming or music,\u201d he said. \u201cBut if you look at it over a long arc of time, I think there\u2019s a good opportunity across the board.\u201d <\/p>\n

\u00a0Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Apple\u2019s stock extended its rally on Monday, closing at a record high, after Morgan Stanley analysts quantified the opportunity that lies ahead for the company as it expands in India. Apple\u2019s stock (ticker: AAPL) closed up 1.7% to $193.99 on Monday, the largest one-day percentage increase this month, marking four straight days of gains. It […]<\/p>\n","protected":false},"author":1,"featured_media":37170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-37169","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nApple's Stock Gets a Price Target Bump. 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