Analysts Raise their Forecasts for Apple Inc. (NASDAQ:AAPL) due to iPhone’s Huge Success in China

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By Martin Foley on October 13, 2014 Us News

Apple Inc. (NASDAQ:AAPL) is having a great time in China due to its latest iPhone 6. The iPhone launch in China was delayed due to a number of reasons; however the latest smartphone’s pre-orders are open and hitting some amazing numbers. According to different reports the pre-order number for iPhone reached the 20 million mark today (Tuesday).

Let’s see what the experts are saying about Apple Inc. (NASDAQ:AAPL).

It seems that iPhone 6 Plus is getting more attention than iPhone 6. According to Shuli Ren, Bureau Hong Kong, pre-orders started last Friday in China and by Monday 360buy, which is Tencent’s strategic partner, had taken 4.66 million pre-orders for the iPhone 6 and 4.82 million for iPhone 6 Plus. The total number of pre-orders including all e-commerce platforms and China’s three telecoms reaches 20 million.

In-store sales for Apple Inc. (NASDAQ:AAPL)’s smartphone will start on the 17^th of this month and this month’s end 36 countries will be able to sell the new iPhone.

Abhey Lamba of Mizuo Securities believes that Apple Inc. (NASDAQ:AAPL) is set to surpass estimates for its fourth quarter. The company will announce its results on the 20^th of October. The main reason for this will be the successful volume growth of iPhone 6. Lamba believes that iPhone will bring in around $42 to $43 billion for the tech giant.

It is highly expected that Apple Inc. (NASDAQ:AAPL) will reveal its latest iPad on Thursday as well, which are expected to revive the declining sales for the product.

Mike Walkey of Canaccord Genuity has given Apple Inc. (NASDAQ:AAPL) a rating of Buy and price target of $115. According to Walkey the company will get most of the market share of high-end smartphones. He based his predictions on a survey conducted in the US. According to the survey iPhone 6 and 6 Plus has been the highest selling smartphone at tier-1 United States carriers and other platforms where the phone is available. The survey however revealed the supply of the smartphone was extremely limited.

William Power of R.W. Baird gave Apple Inc. (NASDAQ:AAPL) a rating of Outperform and price target of $112; his previous price target was $110. He raised the price target due to the expected success of iPhone 6 after it goes on sale in China this Friday. According to Power Apple Inc. (NASDAQ:AAPL)’s current quarter will reveal revenue worth $39.38 Billion; whereas the previous estimate was $38.32 Billion. Power also increased his fiscal year estimates from $201.5 Billion to a figure of $204.5.

Brian White of Cantor Fitzgerald has given Apple Inc. (NASDAQ:AAPL) a rating of Buy and price target of $123. White believes that iPhone 6 features will also be seen the new iPad by Apple Inc. (NASDAQ:AAPL). He also believes that Retina Display Mac will also be in demand after its unveiling.

Shares of Apple Inc. (NASDAQ:AAPL) kicked off today’s session at $101.33 and at 12:31 PM EDT were trading at $101.33, showing a jump up by 0.60%. The stock’s range over 52 weeks has been between 69.31 and 103.74.