..Analysts at RBC Capital Markets, today reiterated their Outperform rating on Apple Inc. (AAPL) while boosting their price target from $140 to $155. That new target suggests an 11.5% upside to the stock’s Tuesday closing price of $138.99.
From StockNews.com
In a note to clients, RBC said it has seen increased focus on AAPL’s services business during [the] last 12 months or so [and]…that the company…intended to double the business in the next four years. In fact, Apple projects a $48 to $50 billion revenue target for services by fiscal 2020.
While RBC believes the growth of its installed hardware base and replacement cycles remain key drivers for AAPL shares, its services model could provide several tailwinds, including:
The firm also sees three big catalysts ahead for the company:
Apple’s services segment include a host of offerings, such as:
Apple Inc. shares rose $0.26 (+0.19%) in premarket trading Wednesday. Year-to-date, AAPL has gained 20.53%, versus a 5.98% rise in the benchmark S&P 500 index during the same period.
AAPL currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 28 stocks in the Technology – Hardware category.
Leave A Comment