Apple (AAPL) has announced that it will launch the Apple Store online in India today, offering its full range of products and support directly to customers across the country for the first time.
“We’re proud to be expanding in India and want to do all we can to support our customers and their communities,” said Apple’s Deirdre O’Brien.
“We know our users are relying on technology to stay connected, engage in learning, and tap into their creativity, and by bringing the Apple Store online to India, we are offering our customers the very best of Apple at this important time.”
Customers can get advice, receive guidance, and learn about new products directly from Apple, both in English and Hindi, says the company.
Plus the Apple Store online offers a range of financing options and an available trade-in program, with special prices for students and discounts on accessories and AppleCare+.
As Apple points out, it has been operating in India for more than 20 years, and has supported more than 900,000 jobs across the country. That includes Apple’s App Design and Development Accelerator in Bengaluru which has created apps like Wysa, an AI-based app for mental wellness, and the yoga app YogiFi.
Shares in Apple have surged over 50% year-to-date, and the stock scores a cautiously optimistic Moderate Buy Street consensus. In the last three months, analysts have published 24 buy ratings on AAPL alongside 8 hold ratings and 3 sell ratings. Meanwhile the $122 average analyst price target indicates upside potential of 9% lies ahead.
Raymond James analyst Chris Caso has just reiterated his buy rating on Apple while boosting his price target to $120 from $110 previously. “We are also raising our estimates following our production checks ahead of next quarter’s iPhone 12 launch” the analyst commented.
“Current production plans suggest the most favorable mix we’ve ever seen for an iPhone launch, and the introduction of a fourth iPhone model at a price between iPhone 12 and iPhone 12 Pro will also help to boost blended ASPs [average selling price]” the analyst continued.
While the stock has already had a strong run since Caso upgraded the stock last summer, he still does not think all the benefits of a potentially a 2-year 5G upgrade cycle are yet reflected in consensus estimates. (See AAPL stock analysis on TipRanks).
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