Apple CEO Tim Cook, right, reacts to a customer carrying a Macintosh SE during the opening of the new Apple BKC store in Mumbai, India, Tuesday, April 18, 2023. Cook officially opened Apple. This is the iPhone maker’s first company-owned store in India, and the company is betting that the iPhone maker’s retail stores will help accelerate sales growth. Photographer: Indranil Aditya/Bloomberg via Getty Images

Indiran Aditya | Bloomberg | Getty Images

Morgan Stanley analysts said in a note on Monday that India could be the main driver of Apple’s five-year revenue and installation growth, citing Apple’s investment in Indian manufacturing and the country’s “economic prosperity”.

The report also reflected a new price target raised from $190 to $220 for the India push, with a bullish valuation raised to $270.Morgan Stanley also reiterated apple as their first choice.

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Morgan Stanley analysts predict that China could account for 15% of Apple’s revenue growth over the next five years (compared to 2% over the past five years and $6 billion today), as well as growth in the company’s installed base. 20% of.

Morgan Stanley forecasts $40 billion in revenue growth over the next 10 years, “the equivalent of Apple launching a whole new product category.”

Analysts cite a number of factors in their assessment, including improving electrification in India and Apple’s apparent efforts to establish a manufacturing and retail presence in the country. According to a survey commissioned by Morgan Stanley, Indian consumers have increased their desire and ability to purchase iPhones.

Analysts did sound the alarm, warning that if India misses its economic and population growth targets, “we don’t expect Apple to be such a significant beneficiary for India.”

But Morgan Stanley’s fundamentals are bullish. “All in all, this means that India will be as important to Apple’s growth algorithm over the next 5+ years as China has been over the past 5 years, which we believe is undervalued by the market today,” the analysts said. .”

Breaking down Apple's big push into India


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