Apple's (AAPL) - Get Apple Inc. Report annual Worldwide Developers Conference (WWDC) event took place on June 6. Although the company’s key announcements did not catch many by surprise, the event proved positive among Wall Street experts, who reinforced their bullishness on the Cupertino company and its stock.
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Apple's WWDC 2022 Highlights
During the Worldwide Developers Conference, Apple announced that the new MacBook Air and Pro will use the M2 chip starting in July. The company is also on track to transition completely away from Intel chips later this year.
In addition, Apple announced updates to iPadOS, iMessage, and health features in WatchOS. CarPlay was another interesting highlight, but the software’s new functionalities will not be available until next year.
Some may have been disappointed about lack of news on Apple's AR/VR initiatives. Consensus remains that there could be news on AR/VR OS later this year, but developers are unlikely to start working on applications until 2023.
BofA Sees 'Multiple Tailwinds’ On Hardware And Services
Analyst Wamsi Mohan reinforced his bullishness on Apple after WWDC based on multiple tailwinds on hardware and services such as user growth, average selling price, and increased installed base penetration.
He also highlighted Apple's 34 million developers, the functionality of the 15,000-plus apps running on Siri, and the Apple Pay Later service that could be a positive for device sales.
Mohan followed up with a buy recommendation and $200 price target for Apple stock.
Citi: CarPlay To 'Further Apple's Ambitions In The Auto Industry'
Citi analyst Jim Suva was intrigued by the CarPlay enhancements. Even though they won't be available until late 2023, Apple has shown that it is working with car makers to get the iPhone operating system involved in core features traditionally not touched by third parties.
The Citi analyst has a buy recommendation on Apple with a price target of $200.
Morgan Stanley Sees WWDC Keynote 'Largely As Expected'
According to Katy Huberty from Morgan Stanley’s, few surprises came out of this year's WWDC. However, the analyst highlights the introduction of the new M2 chip for the Mac and the update of the 13-inch MacBook Pro alongside the MacBook Air.
Huberty added that the WWDC keynote brought out "the most compelling characteristic of the company," with Apple focusing on in-house hardware and software. The analyst has a buy recommendation with a price target of $195 per share on Apple.
Wedbush: 'Apple Is Beating Intel In Its Own Game’
Dan Ives, the analyst at Wedbush that covers Apple stock, saw the new two models of the MacBook as the big announcement of the event, highlighting the M2 chip.
According to Ives, the launches suggest that Apple is beating Intel and other chip companies at their own game. The Cupertino company has managed to launch new products even amid the biggest supply chain crisis in modern history.
Dan Ives also highlights the Apple Pay Later opportunity in the financial space as a smart strategy to penetrate Apple's installed base. The analyst remains firm on his buy recommendation on Apple, and has a price target of $200 per share.
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