Goldman Sachs Initiates Coverage On Apple (NASDAQ:AAPL) With Buy Rating, Announces Price Target of $199。Goldman Sachs analyst Michael Ng said Apple’s success in hardware design and brand loyalty has led to a growing user install base, which provides visibility into revenue growth. Goldman Sachs noted that Apple’s installed base growth, long-term growth in services and new product innovation should be enough to offset cyclical headwinds in product revenue. Apple’s valuation is attractive compared to historical P/E ratios and peers.