Jefferies lifts Apple price target on strong iPhone sales in China

Brokerage Jefferies raises PT for Apple AAPL.O to $283.36 from $246.99

The updated PT represents a 2.8% upside to AAPL's last close

AAPL shares were down marginally

Brokerage says AAPL is highly resilient to memory cost hikes because of its high average selling price (ASP)

Jefferies says sales of iPhone continue to be strong, with its industry checks indicating 40%+ yoy growth in November in China

We expect AAPL's Q1 results to beat, and in line or slight beat in the next few quarters - Jefferies

33 of 50 brokerages covering the stock recommend a rating of "buy" or higher, 15 recommend "hold," while others recommend "sell"; stock has a median PT of $291.50, according to LSEG-compiled data

Up to last close, AAPL had gained 9.7% YTD