Goldman Sachs expects Apple stock to rise by 32%

Goldman Sachs sees Apple stock as having a chance of gaining about 32% over the next 12 months.

The US bank said in a note on Sunday, March 5, that the market’s focus on slowing product revenue growth reduces the value of Apple’s wide range of products and its large customer base, which encourages long-term revenue growth.

Goldman Sachs believes that the growth in Apple’s installed product base (the number of units used by customers) and innovative new products will offset product revenue headwinds from lower iPhone demand or lower consumer demand for PCs and tablets.

Therefore, the bank recommended buying the stock with a target price for the next twelve months at $199, representing an increase of about 32% from last Friday’s closing.

Morgan Stanley had set the target price for Apple shares at $180, amid prospects for a further rise, with the company’s market value jumping at $4 trillion.