For the first time since 2017, Goldman Sachs has initiated first Buy on Apple since 2017 after saying shares could climb as high as 36% in 2023.
. The world's second-largest investment bank initiated a ‘Buy’ rating on the maker of iPhones, iPads, and Mac computers.Analyst Michal Ng said, "Apple’s installed base growth, secular growth in services, and new product innovation should more than offset cyclical headwinds to product revenue, such as reduced demand in the iPhone, PC, and tablet categories,"
"The market’s focus on slower product revenue growth masks the strength of Apple’s ecosystem and associated revenue," he added.Apple revenue fell 5% to $117.2 billion in the fiscal first quarter ended Dec. 31, 2022, though the company set an all-time revenue record of $20.8 billion in its services business.Apple shares have more than tripled since the last time Goldman had a buy-equivalent recommendation on Apple in 2017.
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