Evercore ISI analyst Amit Daryanani noted LVMH (LVMUY) was upbeat on its China outlook when the company reported earnings last night and Burberry (BURBY) noted last week that it is seeing “very promising” signs of recovery and they are “very positive about the early signs” in China as well. These comments, along with Cartier owner Richemont’s similar sentiment, are “encouraging” for Apple (AAPL) as iPhone sales “should generally track the broader luxury market in China,” the firm tells investors. Evercore, which expects Apple’s lost December quarter sales to be recovered in the March quarter and has increased confidence that Apple’s March quarter guidance will be “comfortably ahead of consensus,” keeps an Outperform rating and $190 price target on Apple shares.
previous post
next post