FMP
Apple’s Rating Maintained at Outperform
Jun 4, 2024 10:01 PM - Davit Kirakosyan(Last modified: Jun 5, 2024 3:55 AM)
Image credit: FMP
Evercore ISI analysts reiterated their Outperform rating and $220 price target on Apple (NASDAQ:AAPL), highlighting that App Store revenue grew 12% in May, up from 9% in April, with EU App Store revenues increasing by 25% in May.
This growth exceeded expectations and reinforced Evercore’s conviction that Apple's Services segment can sustain double-digit growth. The analysts believe that as long as growth remains in the high single to low double digits, the Services business should comfortably achieve the consensus estimate of 11% growth.
The App Store and Google payment are likely the largest components of Services, with newer, faster-growing services contributing to overall growth.
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