Apple Stock Gets Boost from Strong App Store Data

BofA Securities has reaffirmed its 'Buy' rating for Apple Inc. (NASDAQ:AAPL) stock, setting a price target of $380.00 per share. This implies a potential upside of around 16% from the current market price of $328.21.

The analysts based their decision on data from SensorTower, which shows that App Store revenues in the fourth quarter of fiscal 2026 reached $6.3 billion after 65 days, representing a 0.1% year-over-year growth rate. This is lower than the 0.6% growth rate seen after 35 days.

Meanwhile, total downloads for iPhone and iPad decreased by 3.9% year-over-year to 6.2 billion during the same period. However, App Store dollars per download increased to $1.01, up 4.2% year-over-year.