On Monday, Apple (AAPL) kicked off its WWDC event, with various onlookers commenting about the notable items left out of the presentations; there was no mention of any potential NFL deal for Apple TV, or any info regarding Apple Glasses or the tech giant’s plans for the metaverse. And no update around the supply lines in China either.
Nevertheless, Monness’ Brian White thinks there were enough positive developments for Apple’s legion of fans to savior.
“Yesterday’s announcements highlighted the unique value proposition for inhabitants of Planet Apple, benefiting from a seamless, differentiated experience created across a connected ecosystem of hardware, software, and services,” the analyst said.
So, what was there on offer?
As expected, for the iPhone, Apple unveiled its latest operating system, iOS 16, for which there were updates for the Lock Screen, Apple Wallet, Messages, Maps, and a new iCloud Shared Photo Library, amongst others. Messages got a major update too, and now users will be able to edit a message just sent. The ability to undo send, mark a message as unread, and recover a message just recently deleted are also new additions. Apple Pay Later was also introduced, a feature which allows customers to split an Apple Pay purchase across six weeks into four equal payments with a zero-interest rate.
There were also some big developments for the Mac. Ventura, the new MacOS was revealed, with Apple’s inhouse M2 processor – boasting the ability to perform up to 15.8 trillion operations per second – “powering” an updated 13- inch MacBook Pro and a new MacBook Air. In fact, with a major redesign, new colors, a 1080p FaceTime HD camera and MagSafe charging making a comeback, the latter received its biggest makeover in over a decade. The new Macs will hit the shelves next month. Additionally, new operating systems were unveiled for the iPad (iPadOS 16) and the Apple Watch (watchOS 9).
So, down to business, what does it all mean for investors? White reiterated a Buy rating on Apple shares, and backed it with a $199 price target. (To watch White’s track record, click here)
Turning now to the rest of the Street, where based on 21 Buy ratings vs. 6 Holds, the analyst consensus rates the stock a Strong Buy. Going by the $187.22 average target, the shares are anticipated to climb ~26% higher in the year ahead. (See Apple stock forecast on TipRanks)
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
