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Despite other investment analysts downgrading Apple, Evercore is more positive and is maintaining a $220 stock price target because of the continued growth of the App Store.
Apple’s App Store
Apple’s App Store
Evercore has previously been positive on Apple because of what, in 2020, it described as the firm benefiting from a “confluence of strong iPhone 11 trends, wearables momentum and continued services traction.”
Now according to a new note seen by Apple-centric finance site Apple 3.0, Evercore is maintaining its existing price target but specifically because of its research into App Store growth. For Q4 2023, Evercore says that Apple’s App Store grew by 10% — and also that revenues for solely the month of December were also up by 10%.
Not all financial predictions for Apple’s holiday quarter are doom and gloom
Not all financial predictions for Apple’s holiday quarter are doom and gloom
