China might not always be on terms with the U.S., but it sure will always have a soft spot for technological giant Apple. After all, where else will the beloved Apple products such as the iPhone come from? During his trip to China this week, Apple CEO Tim Cook (NASDAQ:AAPL) met with the vice premier of the nation, who expressed support for the U.S. tech giant.
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“China is willing to provide more opportunities for foreign-funded enterprises, including Apple, to develop in the country,” Ding Duexiang, China’s Vice Premier, told Cook in a meeting on Thursday, according to Reuters, quoting Chinese state radio.
According to State radio, Cook stated that Apple is optimistic about the possibilities of the Chinese market and is prepared to enhance collaboration with China in areas such as high-end manufacturing and the digital economy.
Earlier on Wednesday, Cook and China’s Commerce Minister had a table talk on how Apple and China could foster a stronger relationship. Per reports, the two reached a positive agreement, with the Minister assuring Cook of a warm reception to expand its reach in the country.
Meanwhile, the tech giant has reportedly doubled down on shifting its manufacturing operations and resources from China to India on the prediction that the Southeast Asian country will be Apple’s next large market.
Is Apple a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 13 Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average AAPL price target of $208.50 per share implies 20.16% upside potential.
