Apple (NASDAQ: AAPL) stock price generated massive gains and new records in fiscal 2019 despite a terrible beginning of the year. On top, 2020 could be a game-changer year for the largest tech company in traders and investor’s views. Therefore, the market pundits are suggesting investors enjoy the rally despite substantial price appreciation in 2019.
AAPL share price bounced close to 80% in 2019. Apple stock price is currently trading around an all-time high of $284. Meanwhile, market pundits are forecasting similar price appreciation in 2020. This is because of strong future fundamentals. Several catalysts are supporting the AAPL share price.
Apple Expects a Huge Boost in New Year
The company is well set to make a big change in business model and operational activities. For instance, the largest tech giant is seeking to report big financial numbers from its revenue diversification strategies. The company’s streaming service along with revenue from services, accessories and other products could play a big role in boosting overall revenues.
The non-iPhone revenue contributed significantly to Apple’s consolidated growth. The non-iPhone revenue rose 17% year over year in the latest quarter.
Moreover, the acceleration of demand for the iPhone product line is likely to enhance financial numbers and sentiments. Apple is also planning to launch 5G supported products in 2020.
They are also seeking to provide new functionalities in the upcoming products. For example, its secret team is working on satellite technology that the iPhone maker could use to beam internet services directly to devices. This would help in bypassing wireless networks.
Higher Apple Stock Price Target is an Indication of Bullish Trend
The majority of analysts are anticipating APPL share price to cross the $300 mark shortly. Piper Jaffray lifted the price target from $290 to $305, due to a survey that shows 23% of respondents are looking to purchasing an iPhone 5G. Analyst Michael Olson says, “The strong early interest suggests that Apple’s FY21 estimates could prove low.” Thus, buying and holding this stock could be a good investment idea.
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