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Despite Apple’s recent underperformance on Wall Street, one analyst believes there are no less than five reasons why investors should buy shares of the iPhone maker.
Highlighting the company’s 2018 product lineup as well as healthy services revenue, Citigroup analyst Jim Suva told clients that news of sluggish demand should subside throughout the summer months.
Demand “is estimated to pick up during back to school/holiday quarter and production cuts typically precede new model launches in the fall,” Suva wrote Monday. “We remain positive on growth opportunities via Applewood (growth in Services coupled with emerging market growth especially in India). Apple shares remain attractively valued.”
The analyst reiterated his buy rating on shares of the Cupertino, California-based company as well as his $200 price target, implying 8 percent upside over the next year. Apple’s stock is down 2.7 percent over the past month, underperforming the S&P 500, but up more than 9 percent since January.
Here are Suva’s five reasons to buy Apple stock right now.
1) Promising 2018 product lineup
2) Capital returns
That capital return, Suva notes, could drive 10 percent earnings per share accretion.
3) Rising service revenue, AppleCare+, Apple Music and App Store Growth
4) Enterprise push midterm and Applewood (aka India and emerging markets)
5) Attractive valuation relative to prior cycles