J.P. Morgan analyst Samik Chatterjee lifted his price target on Apple Inc.’s stock
to $365 from $350 on Thursday, writing of his optimism for the lower-cost iPhone SE’s potential in emerging markets. “Apple has struggled to date to build a material presence in India on account of premium price positioning as well as other drivers,” he wrote, but the iPhone SE could be a “panacea” for Apple’s problems in the country. “We estimate if Apple were able to capture roughly half of the 30 million to 35 million opportunity, it would translate into a 215 million steady annual replacement run-rate for iPhones globally and a ~$7 billion revenue or ~$0.70 cents of EPS upside,” Chatterjee said. He argued that the $399 price point looks attractive and could help Apple gain market share from Samsung in India. He has an overweight rating on Apple’s stock, which is down 0.9% in premarket trading Thursday. It’s gained 16% over the past three months as the Dow Jones Industrial Average
has added 0.6%.