Apple is 'unlikely' to repeat its 89% leap from 2019 in the new year, Deutsche Bank says
The iPhone maker surged 86% in 2019, notching its best annual return since 2009. Strong iPhone 11 sales and growth in its wearables business fueled the massive run-up, and while DB expects strength to continue through 2020, the analysts caution that the stock will"normalize at a higher valuation."
DB still expects the tech giant's 2020 results to please investors. Apple's fundamentals"are likely to come in stronger than present Street modeled expectations," the analysts wrote, citing strong holiday sales across several product lines. They added that investors can look forward to the 5G"supercycle" in Apple's next lineup of iPhones and continued demand for AirPods.
"Overall, with uncertainties still existing in the 2020 iPhone growth trajectory, macro risks with tariffs still unsettled , and a valuation that reflects a lot of goodness in our view, we are unsure whether the fundamental outperformance can outstrip the high investor expectations for the stock in 2020," the team wrote.
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