Apple Inc. (AAPL) - Get Report investors can expect the company to double revenue from its services segment by 2020, according to a Credit Suisse note Tuesday. The firm maintained its "outperform" rating and $170 price target.
Apple shares were up 0.17% to $152.31 premarket Tuesday. The price target represents a potential 11.7% upside from the stock's previous closing price.
The firm expects services revenue to rise to $52 billion by the end of the decade "driven by a high quality, affluent, digitally transacting user base of 1.1bn devices and around 650mn users."
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