The top multinational investment bank Goldman Sachs, has high hopes for Apple in the upcoming year. Goldman Sachs analyst Simona Jankowski had set a 12-month price target on Apple at $163, which is a 36% increase from the current price of $119.
Goldman Sachs made the note about Apple on Tuesday. Since last Tuesday, Apple’s stock has risen 5%. This current bounce is merely a result from the announcement by Goldman Sachs.
Some analysts have been skeptical about Apple amid concerns tat the iphone growth was slowing. However, with new products such as Apple Music, Apple TV, and even the possibility of a self-driving car in the near future, analysts at Goldman Sachs believe Apple will transform more into a service, rather than a hardware device.
The benefit behind being a service market , is that Apple will have monthly users, that will continue to pay them. Apple Music has a monthly subscription of $9.99 a month, and Apple TV is expected to cost around $40 per month.