iPhone sales will continue to grow despite market pessimism says Evercore ISI
Despite concerns about the iPhone's growth potential, Evercore ISI analysts remain bullish on Apple's flagship product, citing threeemerging markets outside of China present a significant growth opportunity for Apple. The note highlights the preference for iPhones in developing countries, where the high-end smartphone market has doubled in the last two years. If this trend continues, it could add substantial revenue to Apple's iPhone total addressable market .
Additionally, Apple's ability to increase iPhone average selling prices and drive customers towards higher-priced models like the Pro and Pro Max further contributes to revenue growth."We think 'AI-enabled' iPhone over timeEvercore ISI advises investors not to underestimate the iPhone's growth potential, maintaining an Outperform rating and a target price of $220 on Apple shares (NASDAQ:India, yes. The only hope for Apple. China is pivoting to homegrown.
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