White: iPhone SE Should Help Apple In India And China

Analyst reactions to Apple Inc. AAPL's latest product event are slowly rolling in. While Trip Chowdhry said the new phone and tablet are "strong" because they allow Apple's aspirational branding to reach a broader base of consumers, Drexel Hamilton's Brian White had a slightly different take.

White, who holds a $200 price target on the stock, said price points for the iPhone SE ($399) and Apple Watch Sport ($299) are "very attractive."

"We continue to believe there is much to look forward to from Apple in 2016, including a new iPhone cycle with the iPhone 7, the ramp of Apple Watch, the potential for increased cash paid out to shareholders and new geographic opportunities," White explained.

"[T]his attractive price point for the iPhone SE could help Apple in developing countries, including the iPhone's expansion in India and in Tier 3-5 cities (80-90% of China's households) in China," he added.

White's $200 price target is based over the next 12 months and is derived from a 17x CY 2017 pro-forma EPS estimate; Apple's historical P/E in this area is 18x.