Reports: Citi has joined the new Apple fanclub

Hikes Apple price target to $160 from $140.

I didn’t get the note, but multiple sources are reporting that Citi analyst Jim Suva has raised his Apple price target.

From The Fly:

While the shares are hitting all-time highs, the iPhone 8 “super-cycle” is coming soon, which, along with Apple’s growth opportunity in India, is likely to drive sales and earnings growth as well as valuation multiple expansion, Suva tells investors in a research note. India is now the world’s second largest smartphone market, yet Apple has less than 2% market share, the analyst points out. Suva recommends buying Apple shares ahead of the iPhone 8 launch.

From The Street:

Analysts at the firm noted that even though India is now the world’s second-largest smartphone market, Apple only has a 2% market share, giving it plenty of room to run in the subcontinent.

Reiterate Buy, raise price target to $160 from $140. 


  1. Fred Stein said:
    Slightly off topic, but strong validation of Apple’s target for services: AppAnnie reports that App Store revenue grew at 50%, outpacing Google Play.
    “In 2016, publishers were paid over $35 billion in revenue
    across the iOS App Store and Google Play. This represented a
    40% rate of yearly growth, surpassing 2015’s rate. Revenue
    on the iOS App Store alone grew by nearly 50% in 2016,
    increasing its lead as the highest revenue-generating
    platform. As with downloads, the increase in the iOS App
    Store’s revenue was largely driven by China, which
    contributed nearly half of its annual growth.”
    From page 10 of AppAnnie’s report

    March 6, 2017
  2. Robert Paul Leitao said:
    Multiple expansion, rising revenue and net income from an iPhone “super cycle,” huge potential in India, a declining fully diluted share count and rapid growth in services revenue. The question is: When will the price target be raised again?

    March 7, 2017

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