Apple Services Growth Seen Decelerating In 2019, Nicking Stock [Investor's Business Daily]
Apple Inc. (AAPL)
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Source: Investors Business Daily
Related news Apple 's ( AAPL ) services business is forecast to decelerate next year, adding another worry to Apple stock heading into 2019. Macquarie Capital analyst Benjamin Schachter on Wednesday cut his price target on Apple stock to 188 from 222, but kept his outperform rating. He sees Apple services growth slowing to 21.8% in fiscal 2019 from 26% in fiscal 2018, which ended Sept. 29. Apple stock rose 1.4%, near 170.95, in morning trading on the stock market today . Since hitting an all-time high of 233.47 on Oct. 3, Apple stock has tumbled 27.4% through Monday's close. Soft iPhone sales and the U.S.-China trade war have weighed on its shares. "The three top drivers of Services over the past 3 years have been Licensing, App Store, and AppleCare," Schachter said in a report to clients. "We expect all three will slow in the coming quarters as tough comps and other issues impact growth rates." He added, "The smaller Services businesses — Music, iCloud, and Apple Pay — are not big e
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