Shares of Apple (NASDAQ:AAPL) are higher in today’s trading session. This is likely attributable to new coverage from analyst Michael Ng from Goldman Sachs (NYSE:GS), who issued a Buy rating while assigning a $199 price target.
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Michael Ng, who is taking over from Rod Hall, pointed to the large number of active Apple devices and brand loyalty as having produced revenue growth visibility. He believes that the majority of the company’s gross profit growth will be from its Services segment in the next five years. This should help cushion the cyclical nature of its devices.
Overall, Wall Street has a consensus price target of $172.88 on AAPL stock, implying over 10% upside potential, as indicated by the graphic above.