Apple Stock Soars as iPhone Demand Rises in China

Apple stock is skyrocketing once again as it continues to climb steadily throughout the month of November. The latest data on iPhone demand in China is reassuring for investors, as it indicates that Apple's growth is set to continue.

In its recent earnings report, Apple caused some concern when it announced a drop in revenue for the September quarter in China. However, the company clarified that the decline was primarily driven by lower demand for personal computers and tablets, rather than its highly profitable iPhone segment.

With competition from Huawei's latest smartphone models, many have been eagerly waiting to see how Apple will perform during the holiday season. Thankfully, according to Wedbush's Dan Ives, the signs are looking positive.

While Huawei has experienced success with its newest smartphone, Ives believes that Apple is still experiencing modest growth in iPhone sales during the December quarter. This is largely due to the higher average selling prices (ASPs) resulting from the increased mix of iPhone Pros in the market.

This confidence in Apple's performance is reflected in its stock price, which has surged from around $170 at the beginning of November to approximately $191 as of early Friday. Although it has yet to reach Ives' target price of $240, he remains optimistic about Apple's prospects.

Despite concerns from bears about Apple's growth potential, Ives dismisses this as just another chapter in a recurring narrative. Over the past decade, similar doubts about Apple have continually been proven wrong, and he believes that this time will be no different.

As Apple continues to navigate China's market and impress investors with its resilience, it is poised for continued success.