Jefferies Group analysts have given AAPL stock a ‘buy’ rating and raised its stock price target from $600.00 to $650.00. The tech company was set to announce that it has a deal in place with China Mobile today but the Chinese company’s chairman said that the two companies have not reached an agreement yet.
AAPL stock is down 2.70% on Wednesday following the announcement but Apple remains optimistic that the two parties will work out a deal soon. It’d be massive if Apple pulled this off considering the 700 million consumers in China that could become iPhone 5s or 5c users.
China Mobile does sell iPhones but consumers in China can only use it on 2G through the cell phone provider’s network.