14 AI Stocks Making Headlines on Wall Street: Qualcomm, Microsoft, and More

6. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 170

Apple Inc. (NASDAQ:AAPL) may be facing some near-term pressure owing to its App Store growth. On June 4, UBS analyst David Vogt reiterated a Neutral rating on the stock with a $296.00 price target.

The firm noted how App Store growth slowed down in May, with revenue growing around 3% on a reported basis. This growth was slower than that in April.

While App Store growth has stayed in the single-digit range so far this year, May marked the first month that this growth fell to the low-single-digit range. This slowdown was largely attributed to weakness in the US, where App Store revenue declined around 7%.

The firm believes June will be a challenging month considering how Apple faces a tough comparison from last year.

On a QTD basis, the App Store is tracking at ~4% (~3% FXN) while the month of June faces a ~12% comp, ~130 bps easier than May, but still not an easy hurdle in our view.

Apple is a technology company known for its consumer electronics, software, and services.

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