Sales of the iPhone 16 in China rose 20% year over year in the first three weeks after its release, according to Wedbush Securities, which says Apple’s (AAPL, Financial) “has begun a renaissance of growth.”
Wedbush highlighted the strength of Apple’s high-end devices, as Apple 16 Pro and Pro Max sales increased 44% compared to last year’s iPhone 15. Based on Wedbush’s recent supply chain research and observations from his trip to Asia, this performance is consistent with a strong rebound in iPhone sales in China over the coming year with the iPhone 16.
Analyst Dan Ives maintained his Outperform rating on Apple, emphasizing his $300 price forecast. Ives said that apart from strong iPhone sales, Apple may collaborate with Baidu (BIDU, Financial) on Chinese artificial intelligence projects, similar to the US’s OpenAI. This cooperation could further facilitate local iPhone improvements.
Ives said Apple could sell more than 240 million iPhones in 2025 due to the AI-powered upgrade cycle, which has been a weak spot for the company over the past year, especially in China. I think there is.
This article first appeared on GuruFocus.
