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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