Merrill Lynch Analyst Bullish on (AAPL) iPhone in China
Bank America (Merrill Lynch) analyst Scott Craig raised his price target on Apple (AAPL) to $120 (from $110) and noted that Apple may sell 1.5 million iPhones in China following a summer ’09 iPhone launch with China Unicom. Craig further projects that Apple will sell 4.6 million iPhones in China in calendar 2010, and 5.8 million in 2011.
Barron’s quotes Craig: “Our Asia supply chain checks seem to indicate that Apple believes it can achieve an initial penetration rate, least on a sell-in basis, similar to the iPhone launch in the U.S.,” (about 20%)… “In fact, given our channel checks in Asia, Apple likely believes it can easily meet this and/or believes in other scenarios that result in much higher unit sales levels.”
Read more via Barron’s > HERE
