Demand for Apple products in the U.S. held up better than usual in January, and there are other reasons Apple shares could rally further, according to KeyBanc Capital Markets.
Analyst Brandon Nispel wrote in a note on Tuesday that an analysis of 1.8 million unique U.S. credit and debit card customers’ transactions showed a 28% decline in hardware spending in January from the previous month, when looking at Apple purchases above $399. However, the falloff from December is still an improvement from the prior three-year average decline of 36% in January.
Nispel, who has an Overweight rating and $177 price target on Apple stock, says the data suggest supply disruptions in China that weighed on sales in the December quarter led some consumers to buy Apple hardware in the current quarter instead. The analyst also notes that Apple has been upbeat about sales in China and India, which could signal significant growth ahead for the firm.
MacDailyNews Take: More good news for Apple and Apple shareholders!
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