UPDATE: A dramatic surge in iPhone demand in China is reshaping market expectations for Apple Inc. as analysts adjust their price targets in light of new data. Recent reports confirm a substantial rebound in Apple’s market share, with figures showing a striking 128% year-on-year increase in non-Chinese branded smartphone shipments, reaching 6.93 million units in November 2023.
This resurgence comes despite a generally sluggish smartphone market in China, where overall shipments rose only 2%. Notably, Apple’s market share jumped to 22.4% from 10.6% just a year ago, underscoring the strong demand for its premium devices while Chinese-branded smartphones saw a 13% decline in shipments.
Wells Fargo has reacted positively to these developments, reiterating its Overweight rating on Apple and maintaining a $300 price target. Analysts argue that these recent trends signal a robust recovery and improved momentum for the iPhone franchise in mainland China, indicating that Apple continues to capture high-end market share effectively.
As Apple shares hover around $273, giving the company a market valuation of approximately $4.0 trillion, the outlook appears increasingly bullish. The data suggests that while broader economic conditions remain challenging, Apple’s premium positioning allows it to thrive even as price-sensitive consumers pull back.
“These figures point to strengthening iPhone momentum heading into 2026,” said Wells Fargo analysts, highlighting that Apple is well-positioned to offset regulatory pressures and competitive risks in the region.
Other financial institutions are also adjusting their outlooks. Jefferies has increased its price target to $283.36 while retaining a Hold rating, citing enhanced hardware trends despite ongoing legal challenges. Morgan Stanley, meanwhile, reaffirmed its Overweight view and raised its target to $315, emphasizing that sustained strength in iPhone sales provides Apple with essential financial resilience as it navigates through regulatory landscapes into 2026.
The implications of this rebound are significant, not only for Apple but for the broader tech market. As demand for premium devices continues to rise, the disparity between high-end and budget smartphone segments is stark, with Apple clearly benefiting from this trend.
Investors and consumers alike should keep a close watch on Apple’s performance in the coming months, as the company gears up to leverage this renewed demand. With analysts optimistic about the trajectory of iPhone sales, Apple’s position in the market looks increasingly secure.
Stay tuned for more updates on this developing story as new data continues to emerge.
