Cowen analysts: Apple Services revenue to double by 2021

In a note to clients — as noted by AppleInsider— Cowen analysts predict that Apple’s Services revenue will double by 2021, adding $6 to earnings per share.

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Apple Services includes Apple Music subscriptions, iTunes Music, iCloud storage plans, paid apps from Apple's App Store, and AppleCare service plans, Apple Pay, etc. Cowen says these will continue to flourish, while Apple adds new revenue from an Apple News subscription service and a video streaming service.

"Our long term investment thesis hinges on the Services segment growing and AAPL massively monetizing its installed base of products and charging for value added options (possibly including Siri) down the road," the research group says, assigning Apple stock an "outperform" rating and a $220 price target.