The shares of tech giant Apple Inc. surged more than 3% on Monday after the world's second-largest investment bank, Goldman Sachs, labeled the company's stock as "buy." Goldman suggested a year-ahead target price of $199 per share, predicting an increase of a whopping 30%.
Commenting on the estimated expansion, the bank's analyst Michal Ng said earlier today that "Apple's installed base growth, secular growth in services, and new product innovation should more than offset cyclical headwinds to product revenue, such as reduced demand in the iPhone, PC, and tablet categories."
Apple's stocks jumped 3.13% to $155.77 apiece at 12:38 pm ET, rebounding to the level from mid-February. According to Fox Business, Apple's shares have tripled their market value since Goldman's previous "buy" recommendation in 2017.
