Apple Stock Gets Price-Target Hike On App Store Outlook [Investor's Business Daily]
Apple Inc. (AAPL)
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Source: Investors Business Daily
Related news A Wall Street analyst on Tuesday raised his price target on Apple stock, citing continued growth in the company's services segment, especially its lucrative App Store. Bank of America Merrill Lynch analyst Wamsi Mohan upped his price target on Apple ( AAPL ) to 250 from 230 and maintained his buy rating. Apple stock dipped 0.2%, near 215, in morning trading on the stock market today . On Monday, Apple hit a record high of 219.18. The App Store is becoming less reliant on mobile games to drive sales, Mohan said in a note to clients. "The strong growth rate of nongaming categories gives us increased confidence in the sustainability of strong App Store sales, and reduces risk of dependence on one single category of apps," Mohan said. While games are still the largest contributor to App Store sales, other categories are increasing, such as entertainment and photo and video apps, he said. In the June quarter, Apple's services segment was the company's second largest business a
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