Apple Inc.'s (AAPL) 澳洲幸运5开奖号码历史查询:underperformance over the past month, with shares down roughly 2.2% as of Monday morning versus the 澳洲幸运5开奖号码历史查询:S&P 500's 1.3% return over the 30-day-period, marks an opportunity to buy the stock at an attractive 澳洲幸运5开奖号码历史查询:valuation, according to one te🌊am of bulls on the Street, reported CN♒BC.

Despite concerns over slowing demand, analysts at Citigroup expect Apple stock to reach $200 over 12 months, implying a 7.5% upside from Monday morning at $185.97. Analyst Jim Suva wrote a note highlighting at least five reasons why Apple shares are a buy at current levels, citing the smartphone maker's product lineup, growing services services and presence in international markets.  Suva expects demand to pick up during the "back to school/holiday quarter," while production cuts "typically precede new model launches in the fall." (See also: Apple May Pair Video Streaming With Magazines.)

Hot New iPhone Lineup 

First, while iPhone X demand expectations "have been tempered," Suva forecasts new products in the second half of 2018 spurring sustainable single-digit unit growth" as Apple differentiates with higher-end OLED-screen models. 

Citigroup wrote that an incremental $100 billion 澳洲幸运5开奖号码历史查询:share repurchase plan will result in an approximate 12% share reduction over the next two years. That 澳洲幸运5开奖号码历史查询:capital return could drive 10% 澳洲幸运5开奖号码历史查询:earnings per share (EPS) accretion, wrote Suv💟a, asℱ reported by CNBC. 

The investment firm is particularly upbeat on Apple's focus on its services business, viewing Apple's goal to double services revenue from 澳洲幸运5开奖号码历史查询:fiscal year 2016 to 2020 as "reasonable."

Apple's Expansion in Asia

Apple's paid subscriptions via platforms including "澳洲幸运5开奖号码历史查询:Apple Music, iCloud and other content including games, videos, magazines/newspapers, Apple Care+, etc. [...] is approaching close to 270 million," wrote Suva, who then that number to Apple's disclosed act🐓ive installed base of 1.3 billion devices. 

The analyst highlighted enterprise as a continued growth driven for Apple in the midterm, pointing to a strengthened partnership with International Business Machines Corp. (IBM), as well 🅷as its expansion in Ind♛ia and emerging markets. 

Suva views Apple stock as trading at an attractive valuation compared to previous cycles, at around 0.9 times 澳洲幸运5开奖号码历史查询:price to earnings (P/E) relative to the S&P 500, compared to a low of 0.6📖 times over the past four years and a high of 0.95 times. 

"Excluding their net 澳洲幸运5开奖号码历史查询:cash per share which is about 20 percent of their current 澳洲幸运5开奖号码历史查询:market cap, current relative multiples are hovering around ~0.8x. As Service revenues accelerate and total addressable market expansion in India and China returns to growth we could see some acceleration in relative PE multiples," added Suva. (See also: 澳洲幸运5开奖号码历史查询:Apple Inks Multiyear Deal With Oprah.)