As Apple stock bounced on Tuesday, a Wall Street analyst says that Apple’s App Store could provide upside to the company’s September-quarter results.
Patrick Seitz for Investor’s Business Daily:
Sensor Tower data points to App Store sales growth of 19% for the September quarter, Evercore ISI analyst Amit Daryanani said in a note to clients late Monday. That’s despite recent actions taken by the Chinese government to limit how much time young people can play video games.
“The App Store continues to perform well and the 19% growth for the quarter should be sufficient to deliver some upside to Services estimates,” Daryanani said. He maintained his outperform rating on Apple stock with a price target of $180.
Elsewhere on Wall Street, investment bank UBS named Apple stock as one of 15 “high conviction stocks.” These stocks have strong pricing power as cost pressure increases, the firm said.
UBS analyst David Vogt said he expects strong iPhone sales for the next three years. Smartphone sales will provide a halo effect for Apple’s other products and services, he said.
MacDailyNews Note: Apple’s conference call to discuss Q421 results is scheduled for Thursday, October 28th at 2pm PT / 5pm ET.
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Apple upgrades seem to drive the share price downward. Apple’s share price is good where it is if Apple is actively buying back shares. I’m hoping Apple will be at least $170 by year’s end. I have my fingers crossed. Apple seems to be selling plenty of products, but it’s hard to tell by the share price. Multiple record earnings quarters hasn’t helped much at all.