Benzinga | Jan 5, 2022 06:49AM EST

Read What Evercore Said On Apple App Store Growth

* Evercore ISI analyst Amit Daryanani estimates that Apple Inc's (NASDAQ:AAPL) App Store revenue slowed to a growth rate of 9% in December.

* Daryanani saw App Store Growth decelerate in both Q4 of 2021 and Q1 of 2022; single digits are lower than his expectation for growth of 10% - 15% last month and "makes December the first month of single-digit App Store growth over the last ten years."

* Daryanani "would caution investors against reading too much into a single month" and noted that App Store revenue was still up 20% for the year.

* Daryanani said App Store Growth was still high enough to support his roughly 18% Services growth forecast.

* Daryanani maintained an Outperform and price target of $200 on Apple, implying a 9.9% upside.

* Price Action: AAPL shares traded lower by 0.20% at $179.34 in the premarket session on the last check Wednesday.