Economy Apple again reaches target price, analyst forecasts strong service...

Apple again reaches target price, analyst forecasts strong service trends

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<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "On the heels of a price target revision of DA Davidson Earlier this week hit a $ 375 street high, analyst at Canaccord Genuity Michael Walkley has maintained a buy rating for Apple Inc. (NASDAQ: AAPL) and raised its price target from $ 275 to $ 355, suggesting an upward movement of around 14%. “data-reactid =” 18 “> After revising DA Davidson’s price target to a street high of $ 375 earlier this week, Canaccord Genuity Analyst Michael Walkley received a buy rating from Apple Inc. (NASDAQ: AAPL) and raised its price target from $ 275 to $ 355, indicating an upward trend of around 14%.

According to Walkley, Apple’s ecosystem approach, which includes an installed base of more than 1.4 billion devices worldwide, is expected to drive sales of services to a record high.

Services gallop towards 500 million subscribers

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "income from ServicesThe higher-margin company should outperform overall corporate growth. According to Walkley, Apple is on track to double its services revenue in 2016-2020, which will be supported by the introduction of new services and the growing number of installed users.Apple is on the best way to increase services revenue in 2016-2016 To double in 2020, which will be supported by the introduction of new services and the growing number of installed users, Walkley said.

The analyst sees pricing for Apple TV +, which is at the bottom end of competing providers, as convincing. Apple Arcade, launched in 150 countries for $ 4.99 a month, is another service that could drive growth, the analyst said, citing feedback for the service and games.

App Store spending reached a record $ 1.42 billion between Christmas Eve and New Year’s Eve, Walkley noted.

Combined with Apple News +, Apple Card, and Apple TV channels, Walkley said new services could bring the dynamic of services to record levels to continue to reach 500 million subscribers.

The iPhone’s lost momentum is back

Apple is ready to maintain its leadership position in premium smartphones supported by a 5G upgrade cycle. The analyst said he was encouraged by the strong demand for the iPhone 11: “We believe that sales for this year’s iPhone 11 range remained strong in the December quarter, including in China.”

Canaccord expects Apple to increase its share buybacks and dividends due to the good results in the second half of 2019 and the continued good cash flows that led to a net inflow of $ 98 billion.

For this reason, the company has put its estimates for the calendar year 2021 on a broad basis, since it is assumed that 5G can lead to stronger iPhone sales in the financial year 2021.

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Apple’s price campaign

Apple stock was trading at $ 314.42 at the time of publication.

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Latest ratings for AAPL

datefirmactionOfTo
January 2020Entertainsto buy
January 2020Entertainsto buy
January 2020downgradesNeutralunderweight

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