Apple could command higher multiple if services business grows, says analyst [MarketWatch]
Apple Inc. (AAPL)
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Source: MarketWatch
Apple could command higher multiple if services business grows, says analyst RBC analyst Amit Daryanani penned an upbeat note about Apple Inc.'s AAPL, -1.53% services business on Monday, writing that he believes investors preoccupied with iPhone unit sales aren't paying enough attention to Apple's ability to generate revenue from current users. Daryanani thinks that growth in the services segment is "largely independent of device cycles," and he believes that this portion of Apple's business would warrant a higher multiple than the hardware side of the company. As such, he thinks Apple could command a higher valuation if services became a greater portion of overall revenue. "While early, we think services will grow into an important part of Apple's strategy, driving investments, determining future product roadmap and perhaps M&A," he wrote. As for M&A, Daryanani sees little possibility of a large deal but says Apple could pay for "quality content either organically or inorganically.
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