Apple Inc. (AAPL) has received a boost from BofA Global Research, which reaffirmed its "Buy" rating and maintained a price target of $265. The report highlights significant growth in Apple's App Store, with global revenue up 18% y/y, driven by a 17% y/y increase in China and a 48% y/y rise in the Productivity app category. This growth is largely attributed to the popularity of ChatGPT. Despite potential risks from the EU's Digital Markets Act, which could allow sideloading of apps, BofA remains optimistic, projecting a 12% y/y growth in services revenue for F2Q25. This positive outlook has contributed to the upward movement in Apple's stock price.
The Direxion Daily AAPL Bear 1X Shares (AAPD) ETF, which inversely tracks Apple's performance, saw a slight decline, dropping 0.66% to $16.62 as of 10:20 AM on Tuesday, February 4.