UBS raised the firm’s price target on Apple to $236 from $190 and keeps a Neutral rating on the shares. The firm’s analysis of Apple’s App Store suggests August revenue grew 12% year-over-year, a modest uptick from the 11% growth in July despite a 200 basis point harder compare. However, on a currency neutral basis, August was up 12.4% year-over-year, in-line with July at 12.4% despite a modestly more difficult comp in August, the analyst tells investors in a research note. UBS says that going forward, the months of September through December are tough App Store comps. It believes the App Store is unlikely to contribute upside to its 13.0% forecast in September, Apple’s September quarter Services guide of double digit growth, and the consensus estimate of 13.1%.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AAPL:
- ESPN goes dark on DirecTV, Harris to oppose Nippon-U.S. Steel deal: Morning Buzz
- Huawei Could Unveil a New Smartphone Hours after Apple’s (NASDAQ:AAPL) iPhone 16 Launch
- Apple (NASDAQ:AAPL) vs. Social Media: The Battle Over Teen Safety and Smartphone Regulations
- Auddia announces integration of faidr into Apple CarPlay and Android Auto
- Apple to use OLED displays in all iPhone models starting in 2025, Nikkei reports
Questions or Comments about the article? Write to editor@tipranks.com