CNBC's MacKenzie Sigalos says Apple Inc. (NASDAQ:AAPL) is gaining momentum in China as strong iPhone demand and favorable analyst outlooks lift the stock.

iPhone Sales Jump Despite Market Weakness

MacKenzie Sigalos cited Counterpoint Research data on CNBC last Friday showing iPhone shipments in China surged 20% in the first quarter—the fastest growth among major vendors—despite an overall market decline driven by supply chain issues and rising memory chip costs.

She notes that Chinese consumers continue to view the iPhone as a premium product with a lifespan of at least three years, helping Apple maintain pricing power.

Apple Closes Gap With Huawei In China

She said Apple is now nearly tied with Huawei, which holds a 20% market share, while Apple follows closely at 19%. She added that China remains critical to Apple's business, with Greater China revenue surging 38% last quarter, ending a two-year slump.

Analysts See Upside And AI Advantage

Sigalos highlighted that Bank of America Securities reiterated a Buy rating on Apple with a $325 price forecast, implying 24% upside.

She explained that analysts view Apple as relatively insulated from AI volatility, pointing to its in-house M5 chips designed for on-device AI as a key driver of future hardware upgrades.

AAPL Price Action: Apple shares were up 0.03% at $270.30 during premarket trading on Monday, according to Benzinga Pro data.

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