Apple is reportedly planning to open its first online store in India, which would start its operations next month, just ahead of the festive season of Dussehra and Diwali.
Apple (AAPL) is seeking to tap India’s fast-growing smartphone market of India, according to a Bloomberg report. The iPhone maker had planned to open its online store within months after the Indian government eased restrictions against foreign direct retail investment last year. However, the plans were delayed due to the coronavirus pandemic.
The tech giant also has plans to open a brick-and-mortar store in Bangalore city, following its first physical outlet in Mumbai, India next year, according to the report. Alongside the retail expansion, the company has been assembling its newest handsets, the iPhone SE and the iPhone 11, in India. , Pegatron Corp., one of Apple’s assembly partners, is also planning to set up its first plant in India. Apple’s investments in the South Asian countries like India are expected to reduce its dependence on China amid tensions between Washington and Beijing, according to the report. (See AAPL stock analysis on TipRanks).
Wedbush analyst Daniel Ives this week maintained a Buy rating on the stock with and a price target of $515 (2.3% upside potential). Ives noted that he has been “seeing considerable strength from the China region over the last few months, a dynamic we expect to continue heading into the next six to nine months”.s
Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 24 Buys, 7 Holds, and 2 Sells. The average price target of $439.90 implies downside potential of about 12.7%, given the year-to-date stock price increase of 71.4%.
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