Apple Inc shares rose nearly 4 per cent on Friday after the tech giant reported a blowout fourth quarter and shrugged off concerns related to the iPhone X
On Friday, the iPhone X finally went on sale in India which led to long queues outside Apple retailers in major metropolitan areas. Undeterred by Rs 89,000 starting price tag, for the 64GB version, people lined up to buy the new phones.
The sale started at 6 pm and with a high demand, it's likely many customers will still miss out as those who had pre-booked the mobile would pick the first lot on the launch day itself.
iPhone X starts at Rs 89,000 for 64GB, while the 256GB version is price at Rs 1,02,000 and will be available in Silver and Space Grey Colours. Accessories such as leather and silicone cases which can set one back by Rs 3,500 to Rs 8,600.
At Rs 86,000 it's the most expensive smartphone sold in India with the closest rival being the Pixel 2XL which will cost Rs 73,000.
Apple Inc shares rise
Apple Inc shares rose nearly 4 per cent on Friday after the tech giant reported a blowout fourth quarter and shrugged off concerns related to the iPhone X, prompting more analysts to put a trillion-dollar valuation on the company.
The stock was on track to add nearly $34 billion to its market capitalisation. At Thursday's close of $168.11, the company was valued at $868 billion.
The Cupertino, California-based company, also forecast a strong holiday quarter ahead, which will include the iPhone X that started selling on Nov. 3.
"We see iPhone X unlocking pent-up iPhone upgrades, especially in China, driving more than 20 per cent iPhone unit growth and a revenue and earnings beat in 2018," analyst Katy Huberty on Morgan Stanley said.
The company will make 30 million iPhone X units during the current quarter, Nomura Instinet analysts estimated, allaying production worries related to the glass-and-steel $999 phone.
At least seven brokerages raised their price targets on the stock, with Citigroup making the most bullish move by raising its price target by $30 to $200.
With the latest brokerage actions, at least seven Wall Street analysts now have target prices for Apple that put its market value above $1 trillion. Drexel Hamilton's Brian White is still the most bullish among Apple analysts tracked by Thomson Reuters, raising his target price further to $235.
Apple's fourth-quarter results underscored the company's ability to drive growth not just on iPhones, but across its range of products, analysts said.
The company's suite now includes five different iPhone models, the iPad, the Mac and the Apple Watch as well as its fast-growing services.
Apple said it sold 46.7 million iPhones in the fourth quarter ended Sept. 30, above analysts' estimates of 46.4 million, according to financial data and analytics firm FactSet. Mac and iPad sales too were above the estimates of most analysts.
"Apple's first-mover advantage and "easy growth" from new smartphone adopters is over, but the company appears likely to retain its existing premium customer base," analysts at Morningstar said.
— With Agency input
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