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Apple’s U.S. App Store revenue accelerating in May, says Morgan Stanley

Apple’s (AAPL) U.S. App Store revenue and monetization is accelerating in May, showing no impact from the April 30 injunction, Morgan Stanley tells investors in a research note. The firm’s survey still shows 2% of Apple’s EPS is “at-risk” if real-world behavior mimics survey work, and 28% of U.S. iPhone owners “link-out” of App Store in-app purchases. The firm has an Overweight rating and $235 price target on the shares.

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