Shares of Apple Inc. (NASDAQ:AAPL) have performed well so far this year. As of September 2, the stock has gained nearly 20% year-to-date, compared with an 11.78% rise in the broader S&P 500 Index. However, **** ysts remain divided on the company's outlook.
App Store Weakness Raises Concerns
On September 2, Evercore ISI reiterated its Outperform rating on the stock with a $365 price target following August App Store revenue data.
App Store revenue fell 1% year-over-year in August, marking the first year-over-year decline since November 2022 and the sixth consecutive month of deceleration. Gaming revenue declined about 10% year-over-year in August after seeing a fall of 8% in July.
U.S. App Store revenue declined for the sixth consecutive month, seeing a 10% year-over-year fall in August. Evercore ISI warned that continued weakness in App Store revenues could make it more difficult for Apple Inc. (NASDAQ:AAPL) to achieve double-digit Services growth. However, the research firm noted that the company has been able to offset softer App Store trends with faster-growing areas of its Services business.

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