Apple (NASDAQ:AAPL) could be considering relocating the manufacturing of some of its devices to Indonesia, according to a Bloomberg report. Apple’s CEO, Tim Cook, who is currently visiting Indonesia, informed Indonesian President Joko Widodo that the tech giant will explore the feasibility of manufacturing in the country.
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Cook’s comments came a day after he stated that the iPhone maker also wants to boost its investment in Vietnam. AAPL has invested $15.84 billion in Vietnam so far and has created around 200,000 jobs there.
Moreover, as tensions escalate between the U.S. and China, Apple is increasingly diversifying its production away from China. Consequently, the company has increased production of its devices in countries like India and Vietnam.
Is Apple a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 16 Buys, 10 Holds, and two Sells. Year-to-date, AAPL has declined by more than 10%, and the average AAPL price target of $201.03 implies an upside potential of 18.7% from current levels.
