Apple (NASDAQ: AAPL) remains in focus on Wall Street after Evercore ISI analysts reiterated a bullish stance on the stock, despite volatility in recent weeks.
The firm’s analyst, Amit Daryanani, reaffirmed an ‘Outperform’ rating while maintaining a $330 price target, implying a potential upside of about 26% from the current level of $261.
The update comes amid signs of slowing momentum in Apple’s App Store business. According to the analyst’s assessment, growth in the App Store weakened in March, largely due to softness in gaming-related spending.
This trend has raised concerns about near-term performance, particularly heading into the second quarter, where App Store revenue growth is now tracking at roughly 7% year-over-year, significantly below the company’s broader Services guidance of 13% to 14%.
Despite this pressure, the overall outlook remains constructive, with Daryanani expecting Apple’s Services segment to provide a buffer against App Store volatility, and stronger contributions from higher-growth areas such as Apple Pay, iCloud, and licensing.
These segments are seen as key drivers that could help close the gap between current App Store trends and the company’s wider Services targets.
While gaming weakness continues to weigh on the App Store trajectory, the broader Services ecosystem is expected to offset some of the drag.
Wall Street moderately bullish on Apple stock
Meanwhile, the rest of Wall Street is cautiously bullish on AAPL shares for the next 12 months, with 23 analysts at TipRanks assigning a consensus ‘Moderate Buy’ rating to the stock. Among them, 14 recommend a ‘Buy’, eight suggest a ‘Hold’, and just one advises a ‘Sell’.
On the price outlook, analysts project an average 12-month target of $304.40, implying roughly 17.5% upside from the latest trading level. Notably, bullish estimates reach as high as $350, while more cautious projections place the stock as low as $248.
The forecast trend suggests a gradual upward trajectory for Apple shares into 2027, although the wide range between high and low targets highlights uncertainty tied to broader market conditions and sector performance.
Be the first to comment