Tech giant Apple (NASDAQ:AAPL) has opened its first store in India in the country’s financial capital Mumbai. The company’s CEO, Tim Cook, inaugurated the outlet.
The iPhone maker is also slated to open a second outlet in the country’s capital, New Delhi. The development is significant as Apple looks towards India as a future production bedrock as well as a major market for its products.
At present, about 6% of Apple’s iPhone production takes place in India and the figure could rise to nearly 25% over the next five years.
Overall, the Street has a $171.08 consensus price target on AAPL implying a 3.5% potential upside in the stock. That’s after a nearly 32.1% surge in AAPL shares so far in 2023.
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