Analyst Michael Ng initiated coverage of the big technology stock with a buy rating and a price target of $199, implying upside of nearly 32%.
Apple could get a big boost from its services business, according to Goldman Sachs. Analyst Michael Ng initiated coverage of the big technology stock with a buy rating and a price target of $199. His price target implies the stock could rally 31.8% from where it closed Friday. Ng said investors may be incorrectly focusing on slowing product growth, which masks what he sees as an opportunity for the company to expand its services business.
Continued penetration in the smartphone market in both mature and newer markets will help expand that user base going forward, Ng said. Growth of 5G and the used-phone market will also help increase Apple's reach, he said. Ng said Apple's trade-in program can also help make the iPhone a better value. Ng said Apple's valuation is attractive relative to its historical multiple and compared to key peers within tech. The stock is up 1% in Monday's premarket and has gained 16.
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