- The shares of Apple Inc (NASDAQ: AAPL) have received a price target of $175 by Evercore ISI. These are the details.
The shares of Apple Inc (NASDAQ: AAPL) have received a price target of $175 by Evercore ISI. And Evercore ISI analyst Amit Daryanani is maintaining an “Outperform” rating.
Over the last month, Apple’s stock price has not moved much despite the company reporting $89.6 billion in revenue, which was well above Wall Street expectations. And the company’s profits were $1.40 per share, more than $0.40 higher than Wall Street expectations. Apple saw substantial revenue increases for iPhones, Macs, iPads, wearables, and Services well.
However, many investors have been concerned about Apple’s growth post-pandemic. Apple’s App Store net revenue saw a slow down in growth year-over-year in April of 16% compared to 24% in March according to Sensor Tower data. App Store growth slowed down after six straight quarters of growth above 30% wrote Daryanani in a research report. One of the reasons for the slowdown is a decrease in gaming revenue.
“The App Store is facing difficult comps after reporting 33% growth in the June 2020 quarter,” wrote Daryanani in the research report via Barron’s. “Apple Care is another component of the services business that will likely slow down, as it tends to be relatively correlated to iPhone sales.”
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