New research from investment bank Morgan Stanley says that global App Store growth has been offset by declining sales in China, and has cut its Apple stock price target as a result.

49331 96375 000 lead App Store d2Following previous Morgan Stanley research that said Chinese users are buying fewer apps, the company says the decline has been significant. Except for China, Apple’s ten largest markets all saw rises — with some, including the US, showing 9% growth or more YoY.”[We] estimate App Store [overall] net revenue growth decelerated to +2.5% Y/Y in the month of June,” says Morgan Stanley in a note to investors seen by AppleInsider, “a 1.5 point deceleration from 4% Y/Y growth in the month of May.”

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