Apple (NASDAQ:AAPL) stock was trading 2.4% higher at the time of writing. The upside comes after AAPL witnessed a significant rebound in China, with iPhone shipments jumping 52% year-over-year in April, according to Bloomberg. This marks two consecutive months of growth after a period of decline, which reflects that the iPhone demand in China is gaining momentum.
Furthermore, data from the China Academy of Information and Communications Technology revealed that other foreign smartphone brands in China shipped a total of 3.49 million units in April, reflecting a 51.7% year-over-year increase. Apple is said to be the dominant player in this category.
The surge comes as a relief for Apple, which has faced stiff competition from domestic rivals like Huawei. To counter such challenges, the company and its resellers implemented price cuts at the beginning of 2024. This strategy proved successful, leading to an increase in shipments since March.
Is Apple a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 21 Buys, 11 Holds, and one Sell. Over the past three months, AAPL has increased by about 5%, and the analysts’ average price target on Apple stock of $204.77 implies an upside potential of 7.8% from current levels.
Best Analyst Covering AAPL
Interestingly, investors considering Apple stock could follow Canaccord Genuity analyst Michael Walkley. He is the best analyst covering the stock (in a one-year timeframe). He boasts an average return of 35.26% per rating and a 95% success rate.
On May 2, Walkley, an analyst ranked among the top 1% of Street stock experts, reiterated his Buy rating on the stock with a price target of $215, suggesting a 13.2% upside potential. (To watch Walkley’s track record, click here.)
