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How Apple’s New Growth Engine Will Fuel 48% Stock Gain

Matthew Johnston

Despite crashing as much as 10% from a closing high set just over a month ago and losing its $1 trillion market-capitalization crown, tech behemoth Apple Inc. ( AAPL) is poised for a big rebound, according to Wedbush Securities analyst Daniel Ives. “We continue to encourage investors to see the forest through the trees on this name and view last week as the first step in the ultimate re-rating of the stock higher over the coming years,” wrote Ives, reaffirming his $310 price target on Apple’s stock, according to Barron’s, implying 48% upside. Ives’ bullish forecast, which is based on what he sees as strength in Apple’s services businesses, flies in the face of Bank of America Merrill Lynch’s downgrade of Apple’s shares at the end of last week.