Analyst: Apple will see around 20% growth in services revenue this year

In a note to clients — as noted by AppleInsider — RBC analyst Amit Daryanani, Apple is projected to see around 20% growth in services revenue this year thanks to "increased monetiziation [sic] of install base" and "growth in the aggregate iOS install base." 

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"We believe [Apple] stock should continue to outperform the market driven by strong FCF generation, ability for outsized capital allocation and a growing iOS install base that generates sustained and recurring FCF growth," he wrote. 

Apple services include Apple Music subscriptions, iTunes Music, iCloud storage plans, paid apps from Apple's App Store, and Apple Care service plans, Apple Pay, etc. In its most recent quarter, Apple posted $8.5 billion in revenue in its services category, up 13% year-over-year.