MarketsMar 8, 2023
China’s Reopening Could Benefit Apple With Increased Demand and Ease Their iPhone Supply Problem
Manufacturing Outlook
Victor Lei
China’s reopening is well underway. And that has major implications for Apple (NASDAQ:AAPL) — which heavily relies on China for two main reasons:
- China made up 20% of Apple’s sales last quarter.
- It’s estimated that Apple manufactures ~95% of its products in China.
Apple’s been struggling with manufacturing issues over China’s lockdown protocols, leading to lower iPhone supply and longer wait times. But those restrictions are now mostly gone.
Wedbush analyst Dan Ives sees demand for Apple’s products rebounding in China — and supply holding up among Apple’s suppliers.
Ives’ new price target: $180 → $190 (25% upside).
