The success of the iPhone in China this year and Apple Inc.’s long popularity among the U.S. middle class could pave the way for the company to expand similarly to the middle classes of other emerging countries, specifically India, and to regions in the Middle East and Latin America, according to a Credit Suisse note sent to clients Wednesday morning. “We continue to believe that current estimates underappreciate Apple’s scope for earnings growth,” said analyst Kulbinder Garcha, who reiterated an outperform rating and $145 price target on the stock. The bank raised its calendar-year 2015 iPhone volumes to over 250 million, and said it anticipates June volumes of 56 million, which would represent 60% year-over-year growth. Additionally, Credit Suisse estimates that emerging markets could add an incremental $96 billion in sales and $3.15 in earnings per share over time as Apple expands its retail, brand and online presence. Shares of Apple fell 0.8% to $124.68 in premarket trade. They are flat over the last three months, which is in-line with the broader S&P 500 and slightly better than the Dow Jones Industrial Average, which is down 0.7%.
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