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Apple’s (NASDAQ:AAPL) loyal customers will help the company address growth problems, according to Deutsche Bank’s Chris Whitmore. The analyst also reiterated his Buy rating on the stock and his $575 price target, saying the loyalty will help add to the shareholder value.
“The key underpinning of this view is the stickiness of the iOS platform and the substantial and growing investment (both time and money) Apple users place in it,” Whitmore wrote in a note to investors. “Although the U.S. phone market is well penetrated, we see substantial opportunity for Apple to grow its user base in emerging markets and further monetize existing iOS users through the living room (Apple TV, additional content, etc.).”
According to the analyst, Apple’s existing customers were likely to upgrade to new hardware from the company in the future. In addition, the iPhone maker would continue to grow its user base by tying in new customers into the ecosystem. Apple-only features such as iMessage and FaceTime increased iOS “stickiness,” Whitmore wrote.
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