Apple (AAPL) Faces Near-Term Pressure as App Store Growth Slows – Insider Monkey

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Apple Inc. (NASDAQ:AAPL) is one of the 14 AI Stocks Making Headlines on Wall Street: Qualcomm, Microsoft, and More.
Apple Inc. (NASDAQ:AAPL) may be facing some near-term pressure owing to its App Store growth. On June 4, UBS analyst David Vogt reiterated a Neutral rating on the stock with a $296.00 price target.
The firm noted how App Store growth slowed down in May, with revenue growing around 3% on a reported basis. This growth was slower than that in April.
While App Store growth has stayed in the single-digit range so far this year, May marked the first month that this growth fell to the low-single-digit range. This slowdown was largely attributed to weakness in the US, where App Store revenue declined around 7%.
Giuseppe Costantino/Shutterstock.com
The firm believes June will be a challenging month considering how Apple faces a tough comparison from last year.
On a QTD basis, the App Store is tracking at ~4% (~3% FXN) while the month of June faces a ~12% comp, ~130 bps easier than May, but still not an easy hurdle in our view.
Apple is a technology company known for its consumer electronics, software, and services.
While we acknowledge the risk and potential of AAPL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AAPL and that has 10,000% upside potential, check out our report about the cheapest AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. 
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