Apple's stock nearly doubled its share price in 2019, but don't expect those gains this year, according to Deutsche Bank.
The firm said despite last year's rally, the iPhone maker's fundamentals are not keeping pace with the stock appreciation.
"The stock is unlikely to come close to repeating last year's returns," Deutsche Bank analyst Jeriel Ong said in a note to clients on Sunday.
Shares of Apple rose nearly 90% last year, a jump Deutsche Bank attributes to strong overall market gains (S&P gained 28.9%), bearish iPhone expectations at the start of 2019 that turned around, excitement about the 5G iPhone cycle and strength in AirPod sales. However, the firm said Apple has "significantly less levers from current levels for 2020 upside."