Goldman Sachs reaffirmed its Buy rating on Apple Inc. with a $320 price target despite mounting evidence of App Store growth deceleration. The investment bank's decision comes as App Store spending growth slowed to 6% year-over-year in November 2025, down from 9% in October, marking the latest sign of pressure on Apple's critical services division.
The slowdown stems primarily from weakness in the Games category, which dropped 2% and represents 44% of total App Store spending. This decline raises concerns about potential disruptions from alternative payment methods and regulatory changes that could reduce Apple's commission revenues. The gaming weakness is particularly significant given its outsized contribution to the App Store's overall financial performance.
Despite the App Store headwinds, Goldman analysts pointed to offsetting strength in other service categories that should help Apple meet its Services revenue guidance. The company's Services division posted 15% year-over-year growth in the fourth quarter of fiscal 2025, demonstrating resilience beyond the App Store ecosystem. This broader services momentum includes areas like iCloud, Apple Music, and AppleCare.
Apple faces continuing regulatory scrutiny across multiple jurisdictions. German authorities are currently reviewing the company's App Tracking Transparency Framework, while potential class action lawsuits in the European Union challenge App Store commission structures. These regulatory pressures add uncertainty to future revenue streams from the services business.
The mixed signals from Apple highlight the complexity facing large-cap technology stocks as they navigate regulatory pressure while maintaining growth. The 6.1% projected increase in iPhone 17 shipments suggests hardware demand remains robust, but services growth deceleration could pressure margins and overall revenue expansion. This divergence creates volatility in Apple's stock price as investors weigh near-term service headwinds against longer-term iPhone cycle strength.
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