Katy Huberty, an analyst at Morgan Stanley, said Apple’s hardware sales could be hit by the coronavirus outbreak, but revenue from the App Store could increase. “Millions of Chinese consumers are spending more time at home and looking for other ways to entertain,” Huberty says. “
According to Sensor Tower, Apple App Store revenue rose 23 per cent in January from a year earlier and 6 per cent month-on-month, reflecting a strong performance in China.
Morgan Stanley maintained Apple’s increased rating at a target price of $368. Apple shares rose 0.76 percent wednesday to $321.28.