Apple's (AAPL) App Store Sees Slower Growth Due to China - Morgan Stanley

Morgan Stanley analyst Katy Huberty noted China is a growing headwind to Apple's (NASDAQ: AAPL) App Store growth over the near term.

Huberty notes Sensor Tower data that showed Sept-quarter App Store net revenue was $3.6 billion, which fell short of the firm's $3.8 billion estimates.

"Pause in China new gaming approvals coupled with fear of economic slowdown in China present a near-term overhang..." she said.

That said, Huberty sees limited downside to near-term estimates and remain bullish on the long-term sustainability of Services growth.

The firm maintained an Overweight rating and price target of $247.00

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $221.19 yesterday.

You May Also Be Interested In

• KeyBanc Reiterates Underweight Rating on Apple (AAPL)
• Apple In Coming Months To Launch Suite Of AI Tools In China-sources - Reuters
• Apple names American Airlines veteran Nate Gatten as new government affairs chief