Morgan Stanley analysts increased their price target and said that India could create $40 billion in revenue for Apple over the next decade.
Morgan Stanley analysts forecast that over the next five years, the country could account for 15% of Apple's revenue growth — in contrast to 2% in the past five years and $6 billion today — and 20% of the company's installed base growth.
The revenue growth, which Morgan Stanley forecasts at $40 billion over the next 10 years, would be the "equivalent to Apple ramping an entirely new product category." The analysts cite a number of factors in their assessment, including India's improved electrification and Apple's clear efforts to build a manufacturing and retail presence in the country. A survey commissioned by Morgan Stanley suggested Indian consumers have an increased desire and ability to purchase iPhones.
Analysts did add a caveat, warning that if India fails to meet its economic and demographic growth marks, "we wouldn't expect Apple to be as significant of a beneficiary in India." But Morgan Stanley's fundamental thesis is bullish. "All-in, this means that India will be just as important to Apple's growth algorithm over the next 5+ years as China was in the last 5 years, something we believe the market underappreciates today," the analysts said.
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