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JP Morgan’s Samik Chatterjee wasn’t the only one checking out phone numbers from China. Apple 3.0 ran part of a note from Evercore analyst Amit Daryanani. Like Chatterjee, he too had seen the China Academy of Information and Communications Technology data, and had seen the same thing as the JP Morgan analyst: While smartphone sales across the board were down a little bit in China, iPhone sales were up huge. Quoting his note:
Current consensus estimates are calling for iPhone revenue to decrease by ~33% sequentially and come in about flat y/y in the Mar- qtr, reflecting fairly typical seasonality in the segment (5-year q/q seasonality for iPhone revenue in Mar-qtr at -39%). We view this past month’s data as suggestive of a strong start to the quarter from an iPhone perspective…
Net/net: Amid a broader decline in the smartphone market for January, iPhones outperformed despite ongoing supply chain constraints, marking a strong start to the year.
Mr. Daryanani has an “Outperform” rating on Apple shares. His price target on the shares is $210.
