Apple Inc (NASDAQ: AAPL) is up 3.0% today following a Bloomberg report that its investments in India have already started to pay off.
Jim Cramer reacts to the report
The tech behemoth now makes about 7.0% of its iPhones in “Bharat” versus only 1.0% in 2021. Last year, Apple produced over $7.0 billion worth of its flagship smartphones in India, the said report added.
Reacting to the data, famed investor Jim Cramer lauded the Nasdaq-listed firm for its commitment to making more of its iPhones in India and expand its footprint in a key market for smartphones.
That opportunity, he added, made him ‘very excited’ for the Apple stock that’s already up more than 30% for the year. Switching to India also serves to protect the company from getting caught in the middle of escalating tensions between the U.S. and China.
Apple stock has upside to $188
Also on Thursday, Credit Suisse analyst Shannon Cross recommended buying Apple stock citing strong iPhone demand and raised her price target to $188 – about a 15% upside from here.
Cross expects the iPhone maker to report $93.27 billion in revenue for its current quarter on $1.45 a share of earnings. She also sees it raising dividend by about 5.0% and authorizing another $90 billion in stock repurchase.
Earlier this week, Apple Inc was reported considering using a physical side button on the iPhone 15 that’s slated to launch later this year and not rely as much on Cirrus Logic’s haptic touch technology as previously expected.
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