ANALYST: Apple Is Doing Amazing In China, And The Stock Is Still Going To $1,111

apple shanghai china

[credit provider=”Reuters”]

Brian J. White, the famous Apple bull at Topeka securities is sticking with his $1,111 price target, which would be more than a double from here.He says China is going to be huge, based on this weekend’s news that Apple sold 2 million iPhone 5s in its first weekend there.

 China Can’t Shake Apple Fever as We Approach the Year of the Snake. Last night, Apple announced that over 2 million iPhone 5 were sold in China during the first three days of availability, a record first weekend for the iPhone in the country. In the release, Tim Cook indicated “Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China.” Recall, Apple launched the iPhone 5 in China on Friday (12/14) and given the lackluster lines, there was growing concern around demand for this new iPhone. Clearly, this view turned out to be incorrect as this represents a big print for Apple and the first time the Company ever issued a post-launch press release for iPhone sales in China. With the Chinese New Year beginning on February 10 and shopping season starting in January, Apple has the two hottest products (i.e., iPhone 5 and iPad mini) in the world available for the Chinese consumers.