Read What Evercore Said on Apple App Store Growth

January 6, 2022Updated: January 6, 2022

Evercore ISI analyst Amit Daryanani estimates that Apple Inc’s App Store revenue slowed to a growth rate of 9 percent in December.

Daryanani saw App Store Growth decelerate in both Q4 of 2021 and Q1 of 2022; single digits are lower than his expectation for growth of 10 percent—15 percent last month and “makes December the first month of single-digit App Store growth over the last ten years.”

Daryanani “would caution investors against reading too much into a single month” and noted that App Store revenue was still up 20 percent for the year.

Daryanani said App Store Growth was still high enough to support his roughly 18 percent Services growth forecast.

Daryanani maintained an Outperform and price target of $200 on Apple, implying a 9.9 percent upside.

By Anusuya Lahiri

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