- Evercore ISI analyst Amit Daryanani estimates that Apple Inc's AAPL App Store revenue slowed to a growth rate of 9% in December.
- Daryanani saw App Store Growth decelerate in both Q4 of 2021 and Q1 of 2022; single digits are lower than his expectation for growth of 10% - 15% last month and "makes December the first month of single-digit App Store growth over the last ten years."
- Daryanani "would caution investors against reading too much into a single month" and noted that App Store revenue was still up 20% for the year.
- Daryanani said App Store Growth was still high enough to support his roughly 18% Services growth forecast.
- Daryanani maintained an Outperform and price target of $200 on Apple, implying a 9.9% upside.
- Price Action: AAPL shares traded lower by 0.20% at $179.34 in the premarket session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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