Apple event offered limited surprises, says JPMorgan

JPMorgan analyst Samik Chatterjee says Apple’s Glowtime event yesterday featured limited surprises on the hardware front, but the focus of the iPhone launch was more balanced between photo and video capabilities with the introduction of the “Camera Control” button and Apple Intelligence, which compares to expectations for a larger focus on Apple Intelligence alone heading into the event. While offering limited surprises, the key takeaways for investors are: Apple Intelligence will be rolled out in beta version in October, but no specific timeline was issued for broader consumer availability, significant upgrades to the camera capabilities, which remains one of the largest drivers of consumer purchases, and pricing being maintained across the board, which helps expand the addressable demographic and compares favorably to competing AI smartphones in the market, the analyst tells investors in a research note. The firm keeps an Overweight rating on Apple with a $265 price target.