Apple sales fell 5% to $117.2 billion in the December quarter, its first quarterly revenue decline since 2019. "We are Buy rated on AAPL as we believe the market's focus on slower product revenue growth masks the strength of the Apple ecosystem and associated revenue durability and visibility," said the analysts, led by Michael Ng, in a note Sunday. The market should be paying more attention to the company's installed user base and recurring revenue growth from services, or as Goldman analysts put it, the " Apple -as-a-Service" opportunity.
The bank's analysts initiated coverage on tech giant Apple (ticker: AAPL) with a Buy rating and a $199 price target, implying a 32% upside to Friday's close. Apple stock is a Buy and could climb more than 30%, according to Goldman Sachs analysts, who said the market is too focused on revenue headwinds.
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