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Wednesday, March 22, 2023

Goldman Sachs recommended buying Apple shares for the first time in six years

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Lower demand for iPhones and electronics in general made the company’s valuation attractive.

Goldman Sachs recommended to buy apple stock for the first time in six years. The signature titles rise about 3% in the session of Wall Street. The bank set the new target price for the Cupertino giant’s shares at $199a figure that would imply a rise more than 30% that would leave its value $30 above price consensus average.

He Goldman Sachs analyst teamdirected by michael ngnoted that “the market’s focus on lower product revenue growth masks the strength of the Apple ecosystem and the durability and visibility of the associated income”.

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The bank’s experts also point out that the installed base growth from the tech giant secular growth of services and the new product innovation should compensate for the negative data that the company also records, such as the lower demand for iPhone and electronics in general. Those headwinds just made the Apple valuation to come attractiveboth in absolute terms and in relative terms.

The New York bank points out that the most of the growth of the gross profits of Manzana in the next five years should come from your segment of services, increasing up to 40% in the fiscal year 2027in front of 33% Registered in 2022. Within this area of ​​the company are services such as Apple TV, Apple Podcasts either the app store.

More support for Apple

Morgan Stanley also recommended assessing the rights of the apple company while pointing out five catalysts that they could shoot the actions of the technology company in the next 12 months.

The team led by Erik Woodring stressed that the iPhone pent-up demand ought boost shipments thereof. In this sense, they also explained that the cycle of terminal replacement extended, the production standardizationthe consumer spending recovery and the launch of a new model could unlock “suppressed demand”.

Source: Ambito

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