Deutsche Bank has made the rather safe prediction that AAPL 2020 performance won’t match 2019.

AAPL gained 86% in value last year, its best performance since 2009, opening the year at $300. If it repeated that trick this year, that would see it sitting at $558 by the end of the year. Predicting that it won’t do that seems an obvious statement…

But the bank does expect the company to beat current Wall Street expectations, reports Business Insider.

Apple’s fundamentals ‘are likely to come in stronger’ than Wall Street’s current expectations, the analysts wrote, but uncertainties around 2020 iPhone demand, tariff risk, and a lofty valuation will keep shares from a continued surge […]

While DB expects strength to continue through 2020, the analysts caution that the stock will ‘normalize at a higher valuation.’

‘In our view, such a setup bodes poorly for investors who consider what to do with their AAPL holdings from present levels, as the stock is unlikely to come close to repeating last year’s returns,’ analysts Jeriel Ong and Ross Seymore wrote.

DB still expects the tech giant’s 2020 results to please investors. Apple’s fundamentals ‘are likely to come in stronger than present Street modeled expectations,’ the analysts wrote, citing strong holiday sales across several product lines. They added that investors can look forward to the 5G ‘supercycle’ in Apple’s next lineup of iPhones and continued demand for AirPods.

That paints a very different picture to that yesterday painted by Apple Card partner bank Goldman Sachs. The bank suggested AAPL will lose a third of its value this year.

All the same, DB does think AAPL is a little overvalued at present, and thinks the stock will fall by more than 6% over the course of the year to land at $280. Other analysts are more optimistic, with both Needham and Wedbush expecting AAPL 2020 performance to see the stock hit $350 by the end of the year.

Photo: Shutterstock

FTC: We use income earning auto affiliate links. More.

Hyper Drive GEN2

Check out 9to5Mac on YouTube for more Apple news:

You’re reading 9to5Mac — experts who break news about Apple and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Mac on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel

About the Author

Ben Lovejoy's favorite gear