Apple (AAPL) App Store Growth Accelerates In April - BofA Securities

May 24, 2022 7:55 AM EDT
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BofA Securities analyst Wamsi Mohan reiterated a Buy rating and $200.00 price target on Apple (NASDAQ: AAPL) after App Store revenue, to date in F3Q22, grew to $2.6bn (+7% y/y through Apr 30th). These figures are based on data from SensorTower and show total downloads (iPhone + iPad) up 5% y/y to 3.2bn and average sell price (ASP) per download up 1.7% y/y. This compares to 6% y/y revenue growth in F2Q22, with Global App Store growth of 8% y/y (vs. 7% y/y in Mar) and China App Store growing +11% y/y vs. +6% y/y growth in Mar 2022.

The analyst stated "Maintain Buy on multiple tailwinds on both hardware and services (user growth, ASP, and increased penetration of installed base)."

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 $143.11 yesterday.

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