By Senad Karaahmetovic

Wamsi Mohan from BofA reiterated the Buy rating of Apple (NASDAQ:), and set a price target for $200.00 per share.

Analysts see several tailwinds in both hardware and software, including user growth, ASP and an increased penetration of the installed base. This could be a boost for Cupertino’s giant after a recent sale.

According to the latest data, global App Store revenues rose 7% YoY by $2.6 billion between April 30th and April 30th. Total downloads increased 5% while ASP was 1.7% higher. This growth rate exceeds the 6% annual revenue growth of F2Q22 by about 6%.

Only for April, Global App Store Rev grew by 8% (vs. 7.7% in Mar), and downloads increased by 6% (vs. 2.2% in Mar).

China’s App Store revenue growth is also increasing.

“China gaming segment revenue grew 13% y/y in F3Q22 QTD, while China gaming downloads grew 19% y/y. The Chinese government removed its new nine-month gaming license ban and approved 45 titles in April. Given the slightly favorable stance from regulators and ongoing lockdowns in China, we potentially see upside to the China App Store growth in F2H22,” Mohan wrote to clients.

Analyst Net-net predicts that Apple Services revenues will increase by 12% y/y during F3Q22.