Goldman Sachs analyst Michael Ng on Monday started coverage of Apple with “Buy” rating and $199 stock price target, a nearly 30% upside opportunity. Apple stock surged in morning trading.
This is the first time in nearly six years that Goldman has a “Buy” on Apple shares, as analyst Michael Ng recently took over Apple coverage for Goldman.
Previously, Goldman Sachs’ analyst was Rod Hall whose coverage of Apple was idiotic and very expensive for anyone who listened to his so-called “analysis.” Apple’s share price more than quadrupled as the idiot Hall slashed Apple price targets and advised investors to “sell” their Apple shares.
See also: Goldman Sachs analyst Rod Hall is an awful Apple analyst – August 6, 2020
Given his limited reasoning capabilities, we doubt that, if pressed, Rod Hall would be able to analyze his way out of a wet paper bag. — MacDailyNews, July 17, 2019
In addition to the growth in the iPhone maker’s installed base, Ng believes growth in services and new-product innovation should more than offset headwinds to product revenue, which include longer replacement cycles and slowing industry growth of personal computers and tablets.
And Ng said the market’s valuation of technology giant’s AAPL stock makes it “attractive” relative to its history and to certain other large-capitalization technology and consumer peers.
“Apple’s success in premier hardware design and resulting brand loyalty has led to a growing installed base of users that provide visibility into revenue growth by reducing customer churn, lowering customer acquisition costs for new product and services launches, and encouraging repeat purchases,” Ng wrote in a note to clients.
Ng started coverage of Apple with a buy rating and a $199 stock-price target, which implies about 29% upside from current levels.
MacDailyNews Take: Did we mention that Rod Hall is an idiot? Michael Ng is a major upgrade for Goldman as he clearly has a clue which is a useful attribute in a analyst.
As we wrote just last Friday, “Apple shares remain woefully undervalued.” The same holds true currently with Apple shares up another $4.07 (+2.70%) to $155.10.
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