For tech stock Apple (NASDAQ:AAPL), coming up with new and bizarre technologies is basically what built Apple from largely nothing to what it is today. The Apple headset should have drawn all sorts of attention, but new reports from within Apple suggest that Apple’s leadership isn’t exactly enthusiastic about the headset. That lack of enthusiasm mainly comes from Tim Cook himself.
Described as having a “relative noninvolvement” with the project, Cook has been considered largely “hands off” throughout much of the development phase. That’s odd enough, but considering that the headset eats up about $1 billion annually in research and development costs, you’d think he’d want to be apprised of events on the ground a little more often.
One of the big problems, from a Bloomberg report, is that the headset has already undergone a “…series of setbacks and compromises.” The headset—said to cost around $3,000—started life as a set of “unobtrusive eyeglasses that could be worn all day.” Currently, the headset now “…looks like a pair of ski goggles and requires a separate battery pack due to technological limitations, internal disagreements, and a rush to bring an Apple AR/VR product to market.”
However, none of this is holding back analysts. With 23 Buy ratings against just four Holds and one Sell, Apple stock is rated a Strong Buy by analyst consensus. Further, it offers investors 4.79% upside potential thanks to its average price target of $182.56.