1 Big Reason to Buy This Nasdaq Stock Hand Over Fist Before It Is Too Late
Apple (NASDAQ: AAPL) stock has been a solid performer on the stock market in 2023, with gains of 27% so far. Investment bank Goldman Sachs expects the technology giant to sustain its impressive rally and head higher thanks to a massive installed base of users, as well as the growth of its services business and innovation in new areas.
Goldman gave Apple stock its first buy rating in almost six years. The stock has jumped over 300% since the investment bank's previous buy rating, and analyst Michael Ng, who is now covering the company, has a $199 price target on Apple. That points toward 25% upside from current levels. Ng believes that Apple's solid brand equity has helped the company build a huge user base, which would play a key role in driving growth in the company's high-margin services business.
Given that Apple could reportedly be taking steps to boost its installed base further, it won't be surprising to see this tech stock surpass Goldman's price target and head higher in the long run. Let's look at one such potential catalyst that could send Apple stock higher in the long run.
Source Fool.com
