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CTOnews.com, March 6 (Xinhua)-- Goldman Sachs on Monday upgraded Apple's stock to "buy" from "neutral" for the first time since 2017. Goldman Sachs said Apple's large user base will drive the growth of its services business and boost its revenue and profits.

Michael Ng, a new analyst at Goldman Sachs, pointed out in a report that Apple's success in high-end hardware design and the resulting brand loyalty have led to a growing user base. "this helps the company reduce the number of users leaving the ecosystem, reduce customer acquisition costs, and encourage customers to repeat purchases." He said.

CTOnews.com notes that Ng is the third Goldman Sachs analyst to track Apple stock in six years. He replaces Rod Hall, which has largely given Apple a neutral or sell rating for the past five years. Apple shares have risen more than 300% since Goldman Sachs last rated the equivalent of a buy in 2017.

Goldman Sachs is giving apple shares a new target price of $199, 32% higher than its recent closing price.

In July, Goldman Sachs told investors to "avoid" Apple shares and predicted that earnings per share for fiscal 2021 would be 16 per cent lower than market expectations due to slowing sales, average selling prices and unit growth.

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