There’s an unexpected new bright spot for tech giant Apple (NASDAQ:AAPL) and its sales efforts. As is normal, it’s the iPhone leading the way, but where those iPhones are increasingly destined for is what’s catching attention. Apple is up fractionally in Wednesday afternoon’s trading as a result of this.
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Turns out there’s a new bright spot for Apple, and that’s the Indian subcontinent. While overall, according to word form Counterpoint’s Monthly India Smartphone Tracker, smartphone shipments to India were basically flat, Apple proved to be a much bigger part of that comparatively static whole than ever. Apple recorded the highest number of shipments into that country it’s ever seen in a quarter, reports note, thanks to a growing interest from Indians in spending more for devices overall. Apple sent 2.5 million units into India, reports note.
And things kept going from there. Not only did Apple recently announce a slate of new items during its “Scary Fast” event, but there are also several new games coming to Apple Arcade coming soon. Plus, there will be another 50 updates coming to current titles to pack in more fun. Things didn’t go exclusively Apple’s way, however; over in London, a planned mass lawsuit against Apple over issues of iPhone batteries—more specifically, issues of defective batteries that were “hidden” in said iPhones—can indeed go forward. Apple had hoped to block that suit before it even started. However, the lawsuit—which may set Apple back as much as $2 billion—can indeed go to trial.
Is Apple Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 22 Buys and nine Holds assigned in the past three months, as indicated by the graphic below. Furthermore, the average AAPL price target of $203.35 per share implies 18.03% upside potential.
