Apple shares hit a fresh all-time high on Thursday, Chinese iPhone sales surge 18% in December, report states

Apple Inc’s (AAPL) iPhone sales in China rose over 18% year-on-year in December to nearly 3.2 million devices, according to data from the China Academy of Information and Communications Technology.

Apple shares closed higher for a second consecutive trading session on NASDAQ on Thursday. It has also been the sharpest daily surge since January 2nd. The stock went up 2.12% ($6.44) to $309.63, after touching an intraday high at $310.40 and also a fresh all-time high.

Shares of Apple Inc have added 5.44% to their value so far in 2020 compared with a 1.36% gain for the benchmark index, S&P 500 (SPX).

In 2019, Apple’s stock went up 86.16%, thus, it again outperformed the S&P 500, which registered a 28.88% gain.

After having peaked in 2015, Chinese iPhone sales stagnated as a result of longer upgrade cycles and competition from domestic companies.

Phone sales by Huawei Technologies Co Ltd in China have been strong, while abroad the Chinese company has encountered political pressure from Washington in regard to its technology.

Data by research firm IDC showed that Huawei had accounted for 42% of new phone shipments in the Asian country during the third quarter of 2019.

Analyst stock price forecast and recommendation

According to CNN Money, the 38 analysts, offering 12-month forecasts regarding Apple Inc’s stock price, have a median target of $285.00, with a high estimate of $350.00 and a low estimate of $150.00. The median estimate represents a 7.95% downside compared to the closing price of $309.63 on January 9th.

The same media also reported that at least 23 out of 43 surveyed investment analysts had rated Apple Inc’s stock as “Buy”, while 12 – as “Hold”. On the other hand, 5 analysts had recommended selling the stock.