As Apple shares soared to a new record after stellar earnings, Citigroup sees five more reasons why it believes the stock will trade even higher in the year to come.
The company has had an amazing year thus far, adding 49 percent in stock value since January and launching one of the biggest upgrades to its iPhone in generations.
On top of that, Apple reported stellar earnings on Thursday, crushing Street estimates on nearly every metric. Earnings per share of $2.07 crushed expectations of $1.87, revenue climbed to $52.6 billion and iPhone units sales notched 46.7 million, even before the iPhone X hit most stores.
"We detail out the 5 reasons Apple stock can trade higher despite the stock up 47 percent year to date compared to the S&P 500 up 15 percent," added Suva. "Yes we believe Apple can return to sustainable growth post iPhone 8."
Here are the reasons why the analyst sees more gains ahead for Tim Cook's company: