Bull outlines Apple's reacceleration in July

|About: Apple Inc. (AAPL)|By:, SA News Editor

Morgan Stanley's Katy Huberty says Apple's (NASDAQ:AAPL) App Store revenue rebounded in July, helped by a meaningful reacceleration in China revenue.

App Store revenue grew 19% Y/Y in July compared to 14% in June. Growth in China was 20% versus 5%.

Huberty says it's too early to make conclusions about the current quarter, but the data points to a positive start and comps will get easier in August and September.

Morgan Stanley maintains an Overweight rating and $247 price target.

Apple shares are down 0.4% pre-market to $196.20. Apple has an Outperform average Sell Side rating.

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