Apple Inc (AAPL)

[Investors3]

Bank of America: Apple seeing ‘modest’ re-acceleration in App Store, China
Tuesday, May 24, 2022 10:01 am

Apple’s stock price fell early in Tuesday trading as Bank of Americas’ investment arm said that Apple is experiencing a “modest” re-acceleration in App Store spending and downloads alongside improvements in China App Store revenue growth.

Chris Ciaccia for Seeking Alpha:

Analyst Wamsi Mohan, who rates Apple shares buy with a per-share price target of $200, noted that global App Store revenue in the current quarter has risen 7% year-over-year to $2.6 billion, as of April 30, citing data from Sensor Tower.

The data also showed that total downloads on iPhones and iPads are up 5% year-over-year to 3.2 billion, with the average selling price per download up 1.7% year-over-year.

In contrast, App Store revenue grew about 6% year-over-year in the company’s recent quarter.

Separately, App Store revenue in China grew 11% year-over-year in April, compared to 6% growth in March, while downloads grew 9% year-over-year in April, versus just 6% in March.

“We note that app store compares get materially easier over the next several [quarters] that can drive a re-acceleration,” Mohan wrote in a note to clients.

MacDailyNews Take: Upside. Bank of America currently has a $200 price target on Apple shares.

https://macdailynews.com/2022/05/24/bank-of-america-apple-seeing-modest-re-acceleration-in-app-store-china/