BofA analyst Wamsi Mohan raised his price target on Apple (AAPL) shares to $330 from $290 as he says third party data on publisher revenues points to continued double-digit year-over-year growth in app store revenue.
Additionally, the firm's aggregated U.S. credit and debit card spend data in the electronics, telecom, and hobbies subsectors and data on revenue for a set of companies in Apple's supply chain suggest positive revenue trends, Mohan tells investors.
The analyst, who believes iPhone demand remains strong, keeps a Buy rating on Apple shares.
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