Quick. Can you name the world's top market for smartphones? If you said India, you're wrong. Do you want to take another guess? The U.S.? Nope. The answer is China. Andwas able to get a look at a note written by J.P. Morgan analyst Samik Chatterjee about Apple and the Chinese market written for Morgan customers.
Chatterjee analyzed the latest smartphone data disseminated by China's Academy of Information and Communications Technology and found that information covering the month of April 2022 showed 1.7 million international phone shipments were made in China that month. Most of those deliveries were iPhone models although the total number of phones delivered was 45% lower than the usual historical average of 3.1 million handsets.
Since last October, international phone shipments have made up 19.2% of smartphone sales in China. That is up from the 15.8% of overall Chinese smartphone sales that came from international shipments last year.which he calculated by multiplying his fiscal 2023 earnings estimate of $6.73 a share by a price-earnings multiplier of 30. Apple shares closed Friday at $149.64 leaving the stock 34% away from the analyst's target price.