Apple Inc (AAPL) Stock Price Target Raised To $140; Apple's Market Share Closes In On Xiaomi

Apple Inc (AAPL) shares have soared since the company surpassed expectations when it released its holiday quarter earnings last Jan 27. Several analysts had raised their price targets for Apple stock based on an optimistic outlook on the company’s performance as iPhone sales continue to increase in markets outside of the United States.

Nasdaq reports that when comparing the current price against the stock’s lowest at $104.63 on Jan 6, Apple stock has increased 13 percent over the last month. Last week, analysts at Credit Suisse had raised their price target from $130 to $140 per share. According to analysts, the increase is based on the market’s strong demand for the iPhone. They said in a note to investors that Apple likely has over 400 million iPhone users and Apple’s “superior ecosystem.” The firm maintains an “Outperform” rating for Apple stock.

Consumer Intelligence Research Partners surveyed 500 Apple customers in the U.S. for each quarter since 2012. CIRP has found that in the last three quarters when new iPhones were launched, the number of Android users is about the same as iPhone customers. Mike Levin, CIRP co-founder and partner, said Apple CEO Tim Cook had emphasized that the release of the iPhone 6 and iPhone 6 Plus prompted the highest rate of Android switchers.

Levin said more Android users had switched to Apple outside of the U.S. The results of the Kantar survey revealed that Apple had slightly closed the gap in terms of market share in China. While Xiaomi remained the bestselling brand in the country, Apple had increased its share in China from 19 percent to 21.5 percent in the current year. Almost a quarter of Chinese consumers who bought an iPhone in the past three months were also first-time smartphone users, reports Forbes.

Carolina Milanesi, Kantar’s chief of research, explained that the success of Apple’s bigger iPhones was “unprecedented” as the company’s strong portfolio proved to be beneficial for its performance in the current quarter. Aside from China, Apple is also catching up with its Android rivals in Europe. In Britain, Apple’s iOS market share grew 13.1 percent while Samsung and LG Electronics lost market share.

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