🔥🎯Goldman Sachs reiterates 'Buy' on $AAPL and maintains $320 target price: App Store slowdown no longer the key, real highlight lies elsewhere

The growth of the App Store is indeed slowing down: only +6% YoY in November, a significant drop from +9% in October, with the Games category even turning negative at -2%. Key markets like the US, Japan, the UK, and Canada also showed similar slowdowns.
It may seem like bad news, but Goldman Sachs analyst Michael Ng has a completely different core argument—

Apple's services business no longer relies solely on the App Store.

1️⃣ App Store growth has clearly cooled compared to the past
• July → 12% growth
• November → Down to 6% (a direct halving)
• Largest category, Games, turned negative
• Four key markets declined simultaneously
• Off-app payments pose potential risks

There is indeed short-term pressure—that’s a fact.

But the key isn’t that "it’s slowing down," but that Apple hasn’t relied on it alone for service revenue for a long time.

2️⃣ Goldman’s focus: Services as a whole are accelerating, not slowing
Apple’s Q4 FY2025 services grew +15% YoY, faster than Q3’s +13%.
Why? Because most service categories outside the App Store are speeding up:
• iCloud+
• AppleCare+
• Apple Music
• Apple Pay
• Other subscription services are all improving.

This shows Apple’s service model is shifting from a "single entry point" to a "multi-engine flywheel."

App Store slowdown ≠ Services slowdown.
This is the key point the market is missing.

3️⃣ What does this mean for investors?
Services are the core pillar of Apple’s future valuation, and now they are becoming:
• More diversified
• More stable
• More resilient to cycles
• More sustainable

The short-term decline in the App Store won’t change the big picture—
Instead, it highlights Apple’s ability to drive growth through diversified subscriptions.

That’s why, amid the current noise, Goldman Sachs remains firm: "Buy + $320 target price."

Here’s the question:
Do you think the market is currently underestimating the risks of the App Store or the long-term resilience of the services flywheel?

✨Continuing to analyze $Apple(AAPL.US)’s service structure upgrades, subscription flywheel, and the growth logic of tech giants—helping you see the real value direction in the chaos. 📢

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