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Apple (NASDAQ:AAPL) needed to start focusing less on hardware sales and more on the potential revenue from its services, according to Barclays Capital analyst Ben Reitzes, who reiterated an Overweight rating and a $740 price target on the stock in a research note on Tuesday.
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“If Apple launches a new lineup of iPhone hardware including a version with a larger screen and a model for emerging markets (our checks back both in development), that would be a nice start,” Reitzes wrote, according to Barron’s. “But investors need to perceive yet again that Apple is a platform company that can fix itself and thrive (MUCH LIKE FACEBOOK (NASDAQ:FB) over the last few months or as Google (NASDAQ:GOOG) has done over the past year and a half).”
According to the analyst, new services could lead to a two-point recovery — equating to about a $100 move — in Apple’s multiple points rather quickly.
Reitzes provided an example from Google’s software value to prove the importance of having a strong ecosystem.
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