Apple (AAPL) App Store Revenues Hold Up Despite Downloads Artificially Culled Drop, BofA Securities Reiterates $155 PT
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BofA Securities analyst Wamsi Mohan reiterated a Neutral rating and $155.00 price target on Apple (NASDAQ: AAPL) after Global App Store revenue increased +34% y/y to $4.5bn through Feb 28th, according to third party data on publisher revenues. Downloads declined 2% y/y following the removal of nearly 50k unlicensed apps from the Chinese app store in Dec 2020. In China, downloads declined 27% y/y, with game downloads down 33% y/y given games were the most impacted as a result of the crackdown. Revenues in the country held up better, growing 18% y/y. Globally, ASPs grew 36% y/y to $0.74.
The analyst stated "After increasing 24% y/y in F1Q, we expect total Apple Services revenue (including App Store/Apple Music/iCloud/Google TAC/AppleCare, among others) to decelerate to 19% y/y in F2Q (could be conservative) and 17% y/y in F3Q. With the total install base hitting 1.65bn, we see this growth as achievable."
Shares of Apple closed at $122.03 yesterday.
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