Apple's stock rallied toward a third straight gain after a Goldman analyst recommended that investors buy, given the stock's nearly 30% upside.
Shares of Apple Inc. surged toward a third straight gain Monday after Goldman Sachs analyst Michael Ng urged investors to buy, as a growing installed base of users, which encourages repeat purchases, provides opportunity for nearly 30% upside.
In addition to the growth in the iPhone maker’s installed base, Ng believes growth in services and new-product innovation should more than offset headwinds to product revenue, which include longer replacement cycles and slowing industry growth of personal computers and tablets. Ng started coverage of Apple with a buy rating and a $199 stock-price target, which implies about 29% upside from current levels.
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