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Evercore analysts predict a significant revenue boost for Apple Inc. (NASDAQ:AAPL) following the launch of the iPhone 16e and its in-house C1 modem chip. The budget-friendly iPhone 16e, priced at $599, exceeded expectations and is projected to generate $14 billion in additional sales.
Apple is targeting cost-conscious consumers in emerging markets like India, Southeast Asia, and Africa, aiming to offset slowing sales in China. The iPhone 16e will also feature Apple’s latest AI capabilities, though Apple has yet to introduce these features in China due to a lack of a local AI partner.
The new C1 modem chip, debuting in the iPhone 16e, is expected to improve battery performance and boost Apple’s gross margins. Evercore analysts believe this could set the stage for a similar pricing and chip strategy with the upcoming iPhone 17.
Despite declining sales in mature markets and stiff competition in China, Evercore maintains an Outperform rating for Apple with a $260 price target, citing the company's strategic moves in hardware and AI integration.
