Apple (NASDAQ: AAPL) is one of the seven gorgeous Stocks that many investors consider to be the most gorgeous. They remain employed by the tech behemoth because they anticipate future expansion thanks to the company's expanding software ecosystem and appealing device lineup.
There are a number of stock market experts who are bullish on the company's prospects. Their prediction of a 30% share price increase was recently restated by one of them. But even by Apple's standards, that's a reasonably rapid expansion. Can it really be done?
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As of now, Evercore ISI is still considered a bull. Amit Daryanani of Evercore ISI felt obliged to release a new research note on Apple after the tech giant provided an update on the App Store's performance.
The app store was a success for the software company. The analyst claims that all categories contributed to a 13% increase in total revenue in March. That, according to Daryanani, offers the firm a good shot at beating its projection for 11% growth in services revenue for the second quarter of fiscal 2024, which has not yet been announced
According to the forecaster, "the strength of the March print increases our confidence that Apple can maintain App Store growth in the double digits."
Is Apple becoming less impressive? While other experts are more cautious when it comes to watching Apple shares, Daryanani has a more optimistic outlook. Some are worried that falling demand and cheaper alternatives are taking some of the shine off of the once-mighty iPhone. In fact, sales of the device in China, a pivotal market, fell 24% year-over-year in the first half of this year.
Daryanani has the stronger case, and I tend to agree with him as an Apple bull and committed stockholder. While hardware sales are essential and fundamental, the company's real growth has come from its services.
Despite relatively flat product sales growth, these increased by 11% year-over-year in the most recent quarter reported by the corporation. The company's overall growth and the happiness of its investors should be boosted by this.
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