New York, October 18, 2024 In the first three weeks, iPhone 16 sales in China increased by a whopping 20% year-over-year, confirming Apple’s (AAPL, Financial) proverbial “growth renaissance.” Wedbush Securities says. The strong performance highlighted by analyst Dan Ives suggests a significant resurgence in the Chinese market. Apple rose 1.8% in premarket trading on Friday following the news.
“Apple’s strength lies in its high-end Pro and Pro Max models, given the 44% sales increase from last year’s iPhone 15,” Ives said in the report. Ives linked this expansion to the start of an AI-driven supercycle, led by the iPhone 16, after a recent tour of Asia and supply chain research gave him greater confidence. Ives maintained Apple’s Outperform rating and $300 price target, again highlighting Apple’s performance. It may partner with Baidu in the AI field in China to effectively enhance iPhone improvements.
Looking ahead, Ives predicts that Apple could sell more than 240 million iPhones in fiscal year 2025, while Ives predicts that Apple could sell more than 240 million iPhones in 2025, as the AI-driven upgrade cycle gains momentum. It was pointed out that two iPhones are scheduled to be upgraded.
This article first appeared on GuruFocus.
