UBS Reiterates Neutral Rating on Apple (AAPL)

UBS analyst David Vogt reiterated a Neutral rating and $280.00 price target on Apple (NASDAQ: AAPL).

The analyst commented, "Our analysis of Apple’s App Store suggests February revenue grew ~9% on a reported basis, ~240 bps stronger than January, but off a ~270 bps easier comp (Source: Sensor Tower), suggesting no real improvement. Moreover, February’s reported growth rate is the sixth consecutive month of single-digit growth in the App Store, an increasingly troubling streak. On a FXN basis, the App Store grew ~6% as currency was a tailwind. On a QTD basis, the App Store is tracking at ~8% (~5% FXN) with a ~10% comp in the month of March, a lower hurdle than the ~14% average over the prior 12 months, suggesting roughly midteens growth in the month is needed for the Mar-26 quarter to reach at least double-digits, an unlikely outcome."

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 $263.75 yesterday.

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