Apple's App Store revenue grew 5% in September, but UBS's David Vogt says that's the easy part. Full-quarter growth was ~2%, second straight low-single-digit quarter, and October comps get ~180bp toug

What happened: UBS said Apple's App Store revenue grew 5% year over year in September, compared with no growth in August. Analyst David Vogt rates Apple Neutral with a $296 price target and says it is too early to draw broader conclusions. Key numbers: September App Store revenue up 5% year over year. Why it matters: Vogt attributes September's improvement partly to an easier comparison, and October brings tougher comparisons plus the first full month of EU App Store changes. The premium multiple requires stronger growth than low-single-digit App Store gains. Market: +1.3% by next close ($340.97 on Oct 12), +26.8% YTD

UBS said Apple's App Store revenue grew 5% year over year in September, compared with no growth in August. Analyst David Vogt rates Apple Neutral with a $296 price target and says it is too early to draw broader conclusions.

Vogt attributes September's improvement partly to an easier comparison, and October brings tougher comparisons plus the first full month of EU App Store changes. The premium multiple requires stronger growth than low-single-digit App Store gains. Market: +1.3% by next close ($340.97 on Oct 12), +26.8% YTD