Deutsche Bank said despite last year's rally in Apple's stock, the iPhone maker's fundamentals are not keeping pace with the stock appreciation.
Apple CEO Tim Cook delivers the keynote address during a special event on September 10, 2019 in the Steve Jobs Theater on Apple's Cupertino, California campus.Apple's stock nearly doubled its share price in 2019, but don't expect those gains in the new year, according to Deutsche Bank.s stock, the iPhone maker's fundamentals are not keeping pace with the stock appreciation.
"The stock is unlikely to come close to repeating last year's returns," said Deutsche Bank research analyst Jeriel Ong in a note to clients on Sunday. Shares of Apple rose nearly 90% last year, a jump Deutsche Bank attributes to strong overall market gains , bearish iPhone expectations at the start of 2019 that turned around, excitement about the 5G iPhone cycle and strength in Airpods sales. However, the firm said Apple has "significantly less levers from current levels for 2020 upside."
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