Apple (AAPL) App Store Growth Ticks Up in July - But Is It Enough for a Rally?

Apple Inc. (NASDAQ:AAPL) is one of the AI Stocks Gaining Attention on Wall Street. On August 5, UBS analyst David Vogt reiterated a Neutral rating and $220.00 price target on the stock. The rating reiteration is based on App Store growth of around 13% in July, or about 12% on a currency-neutral basis.

“Our analysis of Sensor Tower data indicates global App Store rev rose ~12% on a currency neutral basis, ~170 bps faster than the month of June. While July’s FXN growth is a slight acceleration from the June-25 quarter’s ~10.4% growth, we note that it is roughly in-line with the run rate growth of ~12% over the past two years."

A wide view of an Apple store, showing the range of products the company offers. "On a reported basis, App Store grew ~13%, ~70 bps faster than June, but on a ~140 bps easier comp. Going forward, App Store faces comps of ~12.4% and ~12.7% in August and September, respectively, limiting upside from App Store in the Sept-25 quarter in our view.”

Apple is a technology company known for its consumer electronics, software, and services.

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