Wells Fargo analyst Aaron Rakers has upped the firm’s price target on Apple to $155 from $140. Rakers maintains an “Overweight” rating on Apple (AAPL) shares.
In a note to clients, Rakers says the China Academy of Information and Communications Technology (CAICT) this week released China’s December smartphone shipment data, which reflected another positive data point for Apple’s iPhone 12 family of smartphones.
Sales of the iPhone 12 lineup in the China market were outperformed expectations in the fourth quarter of 2020, reaching a rather amazing 18 million units for an over 20% share of the Chinese market, DigiTimes reported earlier today, citing data available from the local media.
China total mobile phones shipped stood at 26.6 million in December 2020, a decline of 13% year-over-year and 10% month-over-month, Raker noted. “Continued positive Apple data points” leaving the Well Fargo analyst increasingly comfortable that Apple will post upside to current expectations.
He also likes the company’s “continued strong capital allocation story.”
MacDailyNews Take: Very positive Q420 iPhone sales reports out of China and America bode very well for Apple’s Q121 earnings results scheduled for January 27th. Hence the new $155 Wells Fargo Apple price target.