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Apple: stock up as Goldman Sachs bets on services

( - The Apple stock is up Monday in New York, thanks to positive comments from Goldman Sachs analysts.

A few minutes after the opening bell, the share of the Californian tech giant was up 2.6%, the second biggest riser of a Nasdaq 100 index that was up just 0.4%.

In a note published in the morning, Goldman's teams say that they have initiated coverage of the stock with a buy rating and a 12-month target price of $199.

The New York-based bank believes that Apple's success is due to quality positioning and brand loyalty that have helped it to grow its user base.

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