On the App Store's performance alone, Morgan Stanley raised its Service Revenue forecast to $54.1 billion in 2020, and $63.7 billion the following year.
Based on that, the analyst has raised Morgan Stanley's June quarter growth estimate to 32% year-over-year, which assumes that App Store growth will slow to 20% compared to the year before in that month.
In a research note seen by AppleInsider, analyst Katy Huberty estimated that App Store net revenue grew 39% year-over-year in May 2020, marking the strongest growth in that sector since April 2017 and an 8 point acceleration from April 2020.
As reported by AppleInsider: Investment bank Morgan Stanley has raised its Apple price target to $340, citing strong App Store performance and a broader upside to Services.
Morgan Stanley analyst Katy Huberty has raised her target Apple share price to $340, citing strong App Store performance.