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Combined with China Mobile’s growing TD-SCDMA network, this device could help Apple address an incremental 20 percent of the Chinese market in addition to the 10 percent already addressed by the iPhone 5, she calculates. (Chart courtesy Morgan Stanley)
Apple is known to expand its markets through lower-priced products, Huberty adds, noting that the company launched the first $999 notebook in October 2004. That was the year personal computer price declines moderated with a 4 percent fall after a 9 percent drop during the consumer Internet boom.
The analyst also maintains an Overweight rating on Apple along with a $630 price target. “We believe Apple shares discount a significant deceleration in revenue and earnings growth that is unjustified in light of multiple medium- and long-term growth drivers.”
Here’s how Apple (NASDAQ:AAPL) traded Monday:
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