Apple (AAPL) Stock Rated Outperform by Evercore Amid App Store Growth Slowdown

Core Insights - Apple Inc. (NASDAQ:AAPL) is considered one of the top consumer electronics stocks to buy currently, with Evercore ISI maintaining an Outperform rating and a price target of $290 as of October 2 [1]. Revenue Growth - App Store revenues increased by 7% year-over-year in September, following a 14% growth in August, leading to an anticipated Q3 growth rate of 11.8% and ending a streak of six consecutive quarters of double-digit growth for the App Store [2]. - Regional performance showed that while China's revenue remained steady year-over-year, South Korea and Japan experienced declines of 5% and 7%, respectively, indicating challenging comparisons for September 2023, which had an aggregate gain of 16% [3]. Future Outlook - Despite the slowdown in September, Evercore ISI believes Apple Inc. is well-positioned to achieve double-digit services growth in the quarter, with an average revenue growth rate of about 12% over the three-month period [4]. - Apple Inc. is recognized for its core products, including the iPhone, Mac, and Apple Watch, alongside its extensive service offerings such as iCloud and Apple Music [4].