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Benzinga
Benzinga
Business
Anusuya Lahiri

BofA Lists Reasons For Its Bullishness On Apple

Apple BofA Wamsi Mohan AAPL App Store
  • BofA analyst Wamsi Mohan noted that Apple Inc's (NASDAQ:AAPL) App Store revenue growth in fiscal Q3-to-date has grown to $2.6 billion, or up 7% year-over-year through April 30, according to SensorTower data. 
  • The data also exhibited that total downloads on iPhones and iPads are up 5% Y/Y to 3.2 billion, with the average selling price per download up 1.7% Y/Y.
  • Mohan, who said that this is a modest re-acceleration compared to about 6% Y/Y revenue growth in fiscal Q2, has a Buy rating and a $200 price target (42.7% upside) on Apple shares.
  • Mohan saw several tailwinds on both hardware and services, like user growth, ASP, and increased installed base penetration, which could help Apple recover following a recent selloff.
  • China saw an accelerating in App Store revenue growth following the revocation of the gaming licensing ban amid its regulatory crackdown and lockdown.
  • Price Action: AAPL shares traded lower by 2.03% at $140.21 on the last check Tuesday.
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