Apple(US:AAPL) 智通财经网·2025-08-06 09:00Core Viewpoint - UBS recently released a research report on Apple Inc. (AAPL.US), indicating a 13% growth in App Store revenue for July, supported by favorable exchange rates, with a business growth of approximately 12% on a constant currency basis [1] Group 1: App Store Performance - In July, global App Store revenue grew about 12.9%, which is an acceleration of 70 basis points compared to June, although the base effect decreased by approximately 140 basis points [2] - The App Store growth in the U.S. was about 12.5%, showing a strong increase of 100 basis points from June, with a base effect reduction of around 350 basis points [2] - The report noted that while July's App Store growth was 13%, it was only a slight increase of 0.07% from June, with a lower base effect of about 1.4% [1] Group 2: Future Outlook - The company anticipates that the App Store's growth in August and September may face challenges due to high base effects from the previous year, making it difficult to exceed a growth rate of 12% in the September quarter [1] - The report estimates that the service business growth for the September quarter will be around 13.5%, similar to the June quarter, with a slight positive impact from exchange rates [2] - The potential ruling in the Google lawsuit could pose a risk, with a scenario suggesting a possible loss of about $10 billion in service revenue, equating to a reduction of approximately $0.50 in earnings per share [2] Group 3: Valuation - UBS set a target price of $220 for Apple, based on a price-to-earnings ratio of 28 times the estimated earnings per share of $7.91 for the fiscal years 2026/2027, aligning with the rolling average P/E ratios of the past 3 and 5 years [3]