Morgan Stanley Raises Apple Target Price to $220... "India Is the Key"

U.S. investment bank Morgan Stanley raised its target price for Apple from $190 (approximately 241,000 KRW) to $220 (279,000 KRW), stating that India will be the main driver of Apple's growth over the next five years.

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On the 17th (local time), Morgan Stanley said, "India will account for 15% of Apple's revenue growth and 20% of user growth over the next five years."

India's share of Apple's revenue has been 2% over the past five years. In terms of amount, it is currently around $6 billion (7.614 trillion KRW), but Morgan Stanley forecasts it will increase to $40 billion (50.76 trillion KRW) over the next 10 years. Morgan Stanley predicted, "This is like Apple expanding into a completely new product category."

They cited India's progress in electrification, Apple's investment in manufacturing in India, and the improvement in local consumers' desire and ability to purchase iPhones as the basis for growth. Morgan Stanley explained, "Just as China was in the past five years, India will be important to Apple's growth algorithm for more than the next five years," adding, "The current market is undervalued." However, they noted that if India fails to meet economic and demographic growth expectations, Apple may not benefit significantly from India.

Earlier last month, U.S. Wedbush Securities also raised Apple's target price to $220.

On the day, Apple closed at $193.99 (246,000 KRW), up 1.73% from the previous trading day on the New York Stock Exchange.

This content was produced with the assistance of AI translation services.