Goldman Sachs says Apple stock will soar 32% over the next year with the market currently underestimating the stickiness of its product ecosystem

• Goldman Sachs sees 32% upside in Apple because the market is underestimating the brand's ecosystem.
• Apple's current valuation is attractive on a historical basis and against tech competitors, it added.
• Apple's user base, services, and innovation should more than offset cyclical headwinds to product revenue.

Goldman Sachs estimated Apple stock has 32% upside thanks to the iPhone maker's services, brand loyalty, and sticky ecosystem.

In a Sunday note to clients, Goldman strategists led by Michael Ng said the market's focus on slower product revenue growth makes it underestimate Apple's vast array of products and strong customer base, which encourages repeat buyers and long-term revenue growth.