“Apple fever is clearly spreading across China,” according to analyst Brian White of Ticonderoga Securities, an AAPL Bull. In a research note to clients, Mr. White confirmed that the white iPhone 4 had “quickly” sold out in all four of Apple’s flagship Apple Store locations in Beijing and Shanghai, and that pre-orders for iPad 2 in Hong Kong had also quickly sold out.
Noting that reports from Hong Kong had the white iPhone 4 selling out in the first hour of availability, Mr. White told clients in a research note obtained by The Mac Observer that, “Clearly, the ‘white’ iPhone 4 is very popular in China, and we believe this is a phenomenon that Apple will experience across most of Asia, including Japan.”
He added, “Today’s check is yet another data point that highlights the momentum Apple is building in China, which we believe will be one of the most important drivers of the company’s growth over the next decade as the country’s mobile Internet explodes in the coming years.”
In addition to Apple’s China Apple Store locations selling out of the white iPhone 4 on the first day, his checks on Friday found that supply had again sold out by early afternoon. He believes the iPad 2 will perform similarly well in the country, and said that its faster rollout in China compared to the 5 month wait for the original iPad will result in solid sales of the device.
Mr. White’s price target for AAPL is $612, well at the high end of 12-month price targets.
Shares in AAPL closed at $350.13, up $3.38 (+0.97%), on heavy volume of 35.9 million shares trading hands.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.