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By Sam Boughedda — Apple Inc’s (NASDAQ:) App Store revenue growth slowed in December, according to Evercore ISI analyst Amit Daryanani.

In a research note, Daryanani estimated that the company’s App Store revenue slowed to a growth rate of 9% in the final month of the year.

According to TheFly, the analyst had expected growth in the segment to slow in the fourth quarter of 2021 and first quarter of 2022. However, the 9% estimate is below his initial 10% to 15% growth forecast for December. Daryanani said it makes December “the first month of single digit App Store growth over the last 10 years.”

However, he warned investors not to look too much into the single-month data, noting that revenue was up 20% for the year. As a result, Daryanani maintained an Outperform rating and $200 price target on the stock.

Wedbush analyst Daniel Ives, who recently said demand for the iPhone is strong, said the company achieving a $3 trillion valuation was a “flex the muscle moment” for Cook & Co.”

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