Apple (AAPL) has ‘material opportunity’ in the advertising space – Evercore ISI
Evercore ISI analysts said the firm continues to see a material opportunity for Apple (NASDAQ:) in the advertising space and believes they can grow to $30 billion in revenue.
The firm hosted an expert call on AAPL’s ability to scale up its digital advertising revenues over the long run. “The conversation left us incrementally more bullish on the outlook for Apple’s advertising business,” said analysts, who have an Outperform rating and a $190 price target on Apple shares.
Analysts stated the overarching takeaway is that iOS users “remain among the most valuable subset of consumers, and in a post-ATT [App Tracking Transparency] world, Apple is the only company that can effectively target these users.”
“ATT was not all positive for Apple as it caused some disruption in the gaming market, which hurt its App Store revenue, but over the long-term, it will give Apple a clear competitive advantage in advertising,” they added.
Evercore ISI believes there are still numerous opportunities within the ecosystem for Apple to begin selling more ad space.
Read the full article here
