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Wednesday, February 23, 2011

Piper: Wall Street underestimates growth potential of Apple's iPhone in China

"Sustained growth of the iPhone, especially in China, will help Apple to maintain a 25-30 percent growth rate in earnings through 2015, says investment firm Piper Jaffray.Analyst Gene Munster issued a note to investors on Wednesday expressing the belief that Wall Street currently underestimates Apple's mobile growth potential. Piper Jaffray's 12 month price target for Apple stock is $483. According to Munster, if the iPhone can continue to grow in-line with the smartphone market at a rate of roughly 35 percent in calendar 2011, Apple will sell over 200 million iPhones in 2015."

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