Daily Stock Market News
CNBC’s Jim Cramer sees Apple ‘s China business coming back — pointing to stronger monthly App Store numbers, due to activity in the world’s second-largest economy. “This is very bullish,” Cramer said Tuesday, reacting to Morgan Stanley data showing a mild acceleration of overall App Store growth in May to 11.7% year over year. In a new note, the analysts at Morgan Stanley said their tracker results translate to 10% growth quarter to date and 90 basis points of upside to their forecast for Apple services in the June quarter. As China drives more Apple services growth, Cramer said the “bull case of China being back” gains merit. Earlier this month, Apple delivered record quarterly revenue in high-margin services and guided a double-digit rate of growth for the June quarter. The struggling stock has gained 10% since the close before its post-earnings surge. Shares were modestly higher Tuesday — trading nearly flat year to date. AAPL YTD mountain AAPL stock performance year-to-date. Slower iPhone sales in China have been a thorn in Apple’s side. But, sales there came in much better than feared during the company’s latest quarter. Following earnings, the Investing Club raised its price target on Apple to $220 per share from $205. A potential catalyst for Apple stock could be next month’s Worldwide Developers Conference. That’s when the company is expected to share more details on its artificial intelligence strategy. Expected AI features incorporated into the iPhone could spark a robust device refresh cycle as the Club reported in a Monday commentary .
Read More: Jim Cramer points to bullish signs Apple business in China is on the mend
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