1 Wall Street analyst thinks shares of the Magnificent Seven will rise to $220. Buy near $169?

Apple Inc. （Nasdaq Resonancestock (market)(Code: AAPL)is one of the "Magnificent Seven" stocks in the minds of many investors. They have been holding shares of the tech giant in the hope that its array of attractive devices and expanding software ecosystem will lead to further growth.

Many analysts who follow the stock also believe in the company's future. One of those analysts recently reiterated his view that the stock could rise to 30%, but that's a very high growth rate, even for Apple. Can it happen in reality?

Evercore ISI remains bullish on Apple.

Evercore ISI's Amit Daryanani had to release a new research report on Apple after the company updated its App Store performance.

The tech giant's app market is doing well. According to the analyst, the total app store revenue grew by 13% in March, with growth across all categories. According to Daryanani, this puts the company's yet-to-be announced guidance of 11% of service revenue growth in the second quarter of FY2024 in good stead.

In addition, the forecaster wrote in the report, "The strong performance in March reinforces our confidence that Apple can keep App Store growth in the double digits.

Is Apple losing its shine?

Daryanani's positive view of Apple contrasts somewhat with the cautious analysts who follow Apple stock. Some analysts worry that the once-powerful iPhone is losing its luster due to weakening demand and low competition. After all, in the first six weeks of the year, iPhone sales in the key Chinese market fell 24% year-over-year.

As a longtime supporter of Apple and a staunch stockholder, I'm inclined to favor Darienne's view. Hardware sales are key and fundamental, of course, but the company has made even more progress on the services side. In the company's most recent quarterly report, service sales were up 11% year-over-year, while product sales were essentially stagnant. This should boost the company's overall growth and keep investors happy.

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Eric Volkman owns shares of Apple.The Motley Fool owns shares of recommended Apple.The Motley Fool has a disclosure policy.

1 Wall Street analysts think shares of this "gorgeous jigsaw puzzle" will rise to $220. Buying near $169? This post was originally published by The Motley Fool.