apple (Nasdaq: Apple) Wall Street remains in focus after Evercore ISI analysts reiterated their bullish stance on the stock, despite volatility in recent weeks.
The company’s analyst, Amit Daryanani, reiterated an ‘outperform’ rating while maintaining a price target of $330, suggesting a potential upside of ~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 weak gaming-related spending.
This trend has raised concerns about near-term performance, especially heading into the second quarter, with App Store revenue growth now at about 7% year over year, well 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, with stronger contributions expected from higher-growth areas such as Apple Pay, iCloud and licensing.
These segments are viewed as key drivers that can help bridge the gap between current App Store trends and the company’s broader services goals.
While gaming’s weakness continues to impact the App Store’s trajectory, the broader services ecosystem is expected to offset some of the drag.
Wall Street is moderately bullish on Apple shares
Meanwhile, the rest of Wall Street is cautiously optimistic about AAPL shares for the next 12 months, with 23 market analysts. TipRanks Assigns a consensus rating of “Moderate Buy” to stock. Among them, 14 recommend “buy,” eight recommend “hold,” and only one recommends “sell.”
In terms of price forecasts, analysts expect an average 12-month target of $304.40, which implies an upside of approximately 17.5% from the last trading level. Notably, bullish estimates are as high as $350, while a more cautious forecast puts the stock as low as $248.
The expected trend indicates a gradual upward trajectory for Apple shares through 2027, although the wide range between high and low targets highlights uncertainty related to broader market conditions and sector performance.
