Shares of consumer electronics giant Apple (NASDAQ:AAPL) are up in Thursday trading thanks to reports that the Foxconn plant is now operating at 70% capacity.
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Thanks to China’s abandoning of its Zero Covid policy, workers are able to get back to work and produce once more. Thus, the Foxconn plant—which previously tried to keep going by establishing plant-wide lockdowns—is getting back up and running once more. Foxconn has also been seen offering cash bonuses to keep workers in the fold and also bring some new ones in.
The various responses in China have helped Foxconn get at least somewhat back on its feet. In doing so, it’s also allowed Apple to get more models of its smartphones and reduce wait times. That will help drive growth at a time when the overall smartphone market is in decline.
Analysts, on the whole, expect big things out of Apple. That much is evident by the analyst consensus, which calls Apple a Strong Buy. In addition, the stock currently has 37.8% upside potential thanks to the current average price target of $179.10.
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