Evercore ISI Stays Outperform on Apple (AAPL), Keeps $330 Target

Apple Inc. (NASDAQ:AAPL) is one of the 10 Buzzing AI Stocks on Market Radar. On February 2, Evercore ISI analyst Amit Daryanani reiterated an Outperform rating on the stock with a $330.00 price target.

The firm noted Apple’s App Store revenues for January growing 7% year-over-year, a modest acceleration from 6% the previous month. Gaming revenues posted a third consecutive month of year-over-year declines, pressured by broad-based weakness across major markets such as China, Japan, US, and South Korea.

Notably, the year-over-year compare was tough here, with Jan. 2025 revenues growing +9%, though moving forward, Gaming revs will see easier comps through the rest of H1:CY26.

In contrast, the firm noted how revenues in other five categories that it tracks grew double-digits, led by music, photo and video, social networking, and entertainment. This helped to offset the softness in gaming, which remains the largest segment.

Gaming remains the largest category of App Store revenues at 45%, though excluding it from January data, remaining aggregate revenues would’ve grown +17% y/y.

By region, US App Store revenues grew an estimated 3% year-over-year, while App Store revenues in the second and third largest geos, China and Japan, declined 1% year-over-year. Overall. App Store revenue grew modestly month-on-month, rising 7%.

Meanwhile, gaming continues to remain a headwind to sales due to tougher year-on-year comparisons, but the firm has highlighted robust growth in other major categories that it tracks (remaining aggregate revs up +17% y/y).

We expect AAPL to continue to benefit from faster growing areas (Apple Pay, iCloud, Licensing, etc.), helping to offset <10% growth in App Store revs. Maintain OP and $330 target.

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

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Disclosure: None. This article is originally published at Insider Monkey.