- BofA analyst Wamsi Mohan noted that Apple Inc’s AAPL App Store revenue growth in fiscal Q3-to-date has grown to $2.6 billion, or up 7% year-over-year through April 30, according to SensorTower data.
- The data also exhibited that total downloads on iPhones and iPads are up 5% Y/Y to 3.2 billion, with the average selling price per download up 1.7% Y/Y.
- Mohan, who said that this is a modest re-acceleration compared to about 6% Y/Y revenue growth in fiscal Q2, has a Buy rating and a $200 price target (42.7% upside) on Apple shares.
- Mohan saw several tailwinds on both hardware and services, like user growth, ASP, and increased installed base penetration, which could help Apple recover following a recent selloff.
- China saw an accelerating in App Store revenue growth following the revocation of the gaming licensing ban amid its regulatory crackdown and lockdown.
- Price Action: AAPL shares traded lower by 2.03% at $140.21 on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
