Analysts downplay China's negative impact on Apple
China's cooling economy could impact Apple sales, reducing purchases of iPhones, but Apple is still projected to grow by 15%- 20% in China.
Shares of Apple Inc. AAPL, +1.01% rose on Monday after an analyst at Cantor Fitzgerald reiterated his buy rating on the stock. "Although we believe further weakness in China's stock market could take away some of the 'bling' purchases of iPhones, we do not believe this will change the positive momentum for Apple," said Brian White in a note. He projected further growth in China for Apple with 15% to 20% of Chinese subscribers likely to be candidates for high-end phones in the next five years. The analyst also said Apple is in the midst of a "transformational super cycle" but its prospects are as bright as ever. Apple shares gained 1.2% to $124.69, up for a second session in a row. The stock fell 2.5% last week, its worst weekly decline since middle of January. White's 12-month price target for Apple is $195.