1 Wall Street Analyst Thinks This Magnificent Seven Stock Is Going to $220. Is It a buy Around $169?

One of the more magnificent of the Magnificent Seven stocks in the hearts of many investors is Apple (AAPL 2.72%). They keep their positions in the tech giant on hopes of further growth from its selection of appealing devices, and the company's ever-widening software ecosystem.

More than a few analysts tracking the stock believe in the company's future too. One of them recently reiterated his view that the shares could appreciate by 30%. Even for Apple, however, that's a chunky growth rate. Is it realistically achievable?

Evercore ISI remains in the bull camp

Following an update from Apple on the performance of its App Store, Evercore ISI's Amit Daryanani felt compelled to publish a fresh research note on the company.

The tech giant did well with its app marketplace. Total revenue from it rose by 13% in March with growth occurring in all categories, according to the analyst. Daryanani feels that gives the company a fine chance at exceeding its guidance for 11% growth in services revenue for its yet-to-be-reported second quarter of fiscal 2024.

Furthermore, the prognosticator wrote in his note that "the strength of the March print increases our confidence that Apple can maintain App Store growth in the double digits."

Is Apple losing its shine?

Daryanani's positive take on Apple is in some contrast to the more cautious analysts tracking the stock. Some are concerned that the once-mighty iPhone is losing a bit of its luster due to weakening demand and lower-priced competition. The device did see a 24% year-over-year tumble in sales in the crucial market of China in the first six weeks of this year, after all.

As a longtime Apple bull and determined holder of the stock, I lean more toward Daryanani's argument. Hardware sales are critical and foundational, of course, but the company has made bigger strides with services. These grew by 11% year-over-year in the company's most recently reported quarter, against the essentially stagnant development of product sales. This should buoy the company's overall growth, and keep its investors sweet.