A longtime Apple analyst says Apple stock is on pace for its best year since 2009, but it has room to run higher in 2020.
There are five reasons why we believe Apple will be the top-performing FANNG stock in 2020. When compared to other tech and services companies, we consider the fair value for AAPL to be $350-$400. For example, applying FB’s current year multiple to shares of AAPL suggests a $395 share price. We believe the base case of $350 (21% upside) is achievable in 2020 and $400 (38% upside) is achievable sometime in 2021 (38% upside).
5 reasons why:
- Easy iPhone Comps
- Continued Growth in Apple Watch
- Five New iPhone Models in 2020
- Investor Anticipation of 5G
- AAPL Will Be Rewarded With a Proper Tech Multiple
MacDailyNews Take: From Gene Gene the Predicting Machine’s lips to Mr. Market’s ears!