Apple jumps as Goldman Sachs starts with buy rating
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Apple (NASDAQ:AAPL) shares gained nearly 2% on Monday as investment firm Goldman Sachs started coverage on the tech giant with a buy rating.
In addition, analyst Michael Ng, who took over from Rod Hall, put a per-share price target of $199 on Apple (AAPL), implying some 30% upside from current levels, noting that the company's installed base of 1.8B active devices, along with its brand loyalty, has produced visibility into revenue growth.

"The installed base growth, secular growth in services, and new product innovation should more than offset cyclical headwinds to product revenue (e.g., longer replacement cycles, slowing industry growth for PCs & tablets)," Ng wrote in an investor note, adding the stock's valuation is "attractive" on both an absolute and relative basis.
In addition, Ng noted the majority of Apple's (AAPL) gross profit growth over the next five years should be from its Services segment, rising to 40% by fiscal 2027, up from 33% in fiscal 2022, thus supporting the stock's "premium multiple."
On Friday, Morgan Stanley listed five "underappreciated" reasons that Apple (AAPL) shares could move higher over the next 12 months.