SAN FRANCISCO ( TheStreet) -- Following Apple's (AAPL - Get Report) cloud and other software announcements Monday, the gadget maker's stock is down about 3% over the past two days, highlighting investors' disappointment in the lack of hardware-based excitement the firm is known for fostering in past WWDC confabs.
Analysts, however, applauded the news, saying that iCloud is one of Apple's most important product launches of recent years.
"While it is unlikely to move the financial needle at Apple anytime soon, we believe iCloud is significant as it increases the stickiness of the Apple ecosystem," said Brian Marshall, an analyst at Gleacher & Company, in a note released on Tuesday.
"We believe the tight integration of Apple's Mac OS, iOS, and iCloud offerings creates an extremely sticky customer base," said Michael Walkley of Canaccord Genuity. "As such, we believe a growing and loyal user base will result in strong devices sales and earnings growth for the next several years."iCloud tightens the relationship between the tech giant and its customers, who can now tap into Apple's IT infrastructure for souped-up services such as cloud-based document storage and iTunes in the cloud. With wireless syncing across all Apple devices, the Cupertino, Calif.-based firm is also making it easier for consumers to share cloud-based information across multiple gadgets. "This