There’s no doubt that India has been something of an underappreciated market over the years. Now the most populous country in the world as of April 2023, India represents a major opportunity for a wide range of companies, Apple (NASDAQ:AAPL) included. In fact, Apple gained nicely in Monday afternoon’s trading thanks to a new Morgan Stanley report that says Apple has a lot to gain from India.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The Morgan Stanley report points out that, if things continue as they are, India could account for fully 20% of Apple’s user base by 2028. Apple is already gaining market share in India, and the combination of the overall ecosystem—Indians have long turned to mobile devices over the personal computer—and an improving iPhone mix should represent around $40 billion in overall revenue by around 2033. Essentially, the report noted, this will ultimately make India as important to Apple over the next five years as China was to Apple five years ago.
But Apple isn’t ignoring the rest of its markets. New reports from Engadget suggest that the first lineup of Macs powered by the M3 chip could arrive as soon as this October, and not that far into October, either. This will come after Apple stages its annual iPhone event in September, and give Apple two separate launch events to work with. That should do positive things for share prices going forward, particularly if Apple can break into the Indian market with those Macs.
With that in mind, there’s little surprise that analysts are backing Apple heavily. With 24 Buy ratings and seven Hold, Apple stock is considered a Strong Buy. However, thanks largely to today’s price action, Apple stock now comes with a fractional downside risk on its average price target of $193.57 per share.
