Apple Outperform Rating Raised to $300 Target; iPhone Shipments Up 20%
BNP Paribas upgraded Apple to outperform and raised its price target to $300 from $260, citing the company’s scale in managing a surge in memory chip costs. Counterpoint data shows iPhone shipments in China jumped 20% year-over-year to capture a 19% market share in Q1.
1. Analyst Upgrade and Price Target Increase
BNP Paribas upgraded Apple from neutral to outperform and increased its price target to $300 from $260, reflecting improved recovery momentum after a 2.1% share rise. The stock has climbed 9% since late March but remains about 6% below its December peak and down 1% year-to-date.
2. Memory Cost Advantage
Rising memory chip prices driven by AI infrastructure demand have pressured consumer electronics makers, but Apple’s scale and integrated supply chain allow it to absorb higher input costs more effectively than smaller peers, supporting potential market share gains over time.
3. Q1 China iPhone Shipment Growth
Preliminary data show iPhone shipments in China rose 20% year-over-year in Q1, helping Apple secure a 19% market share and second place behind Huawei. Overall smartphone shipments in China fell 4% for the quarter, highlighting Apple’s relative strength amid a contracting market.