Tirthankar Chakraborty, Zacks Investment research:
Apple Inc had a terrific 2019. Shares of the iPhone maker surged 86% to close at $293 a share last year, making it the best-performing stock listed on the Dow. And the stellar run is far from over. In fact, renowned tech analyst Gene Muster expects Apple’s worth to reach more $100 this year.
What’s more, Apple is expected to be the best FANNG stock this year. This is because the iPhone maker will continue to benefit from momentum in its non-iPhone businesses, particularly Services and Wearables, strong adoption of Apple Pay and a growing Apple Music subscriber base.
In the wearables pace, Apple Watch continues to dominate the global smartwatch market. After all, Apple Watch’s market share surged to 48% in the third quarter of 2019 from 45% in the second quarter. Notably, the company expects to be a market leader in the wearables segment in 2020 after it recently released AirPods Pro, known for its noise-canceling features.
Needless to say, the company has done so well in 2019 that its goal of $51 billion in services revenues is much within reach. At the same time, Apple’s incredibly strong financials on profits of more than $10 billion in each of the past four quarters make us believe that its business is still strong and its stock will only go up.
MacDailyNews Take: Make it so!
Read Zacks’ full “Top Tech Predictions for 2020” here.