Apple’s App Store revenue up 8% in October, says UBS

UBS tells investors in a research note that the firm’s analysis of Sensor Tower data indicates global App Store revenue grew 8% on a currency neutral basis in October, roughly 110 basis points faster than the month of September, however, global App Store grew 9% on a reported basis in October, the second consecutive month of high-single digit growth following September’s 7%. While the firm is cautious regarding App Store’s 15% comp in the December quarter, UBS notes that Services’ various other segments like Payments could potentially offset any downside risk similar to last quarter. UBS has a Neutral rating and $280 price target on the stock.