Apple Inc last = 194 USD 1w: -0.6 (-0.3%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)0.4%1.3%5.3% (203.7)--
Upside (Bull Case)1.3%3.9%15.6% (223.8)--
Downside (Bear Case)-2%-5.9%---
[Neutral]

In short and middle term my view is conservative. Key thing regarding Apple is declining smartphone sales. Apple reduced component orders by between 50 and 60%, due to weaker-than-expected holiday sales in the U.S., Europe, China, iPhone X production was cut from 40M to 20M units. Another important thing is higher cost of steaming music services. According to new rule of Copyright Royalty Board of the US Library of Congress, steaming music services will be required to pay songwriters and music publishers 15.1% of sales, vs. a 10.5% share earlier

[Positive]

Against the backdrop of the slowdown in the smartphone market growth, Apple is trying to reduce its dependence on iPhone sales, which provides approximately 62% of the Company sales. Apple focused on doubling its Services revenue (iCloud, Apple Music, the App Store and others) to 2020 and increasing sales of other devices and accessories such as the Apple Watch and AirPods. Despite my expectations of a decline in the Company's revenue growth over the coming 2-3 years, I'm positive about Apple's future and with confidence recommend to buy its stocks.