Apple Ex-Hardware Chief Riccio to Focus on VR, AR Devices

Dan Riccio, who in January stepped down as Apple's hardware chief, will focus on virtual- and augmented-reality devices, a report says.
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Dan Riccio, who in January stepped down as Apple's  (AAPL) - Get Report hardware chief, will focus on virtual- and augmented-reality devices, a report says.

The move comes about two weeks after Apple said Riccio was stepping down and would be succeeded by John Ternus. 

The Cupertino, Calif., tech giant said at the time that Riccio would shift to a new project, but it didn't specify his new effort.

Riccio will oversee a team tasked with developing Apple AR and VR headsets, according to a Bloomberg report citing sources. 

Those sources also said Apple's AR and VR projects have faced development challenges, necessitating oversight from a veteran executive like Riccio, who joined the company in 1998. 

Separately, RBC Capital analyst Mitch Steves assumed coverage of Apple with an outperform rating and a price target of $171 a share, up from $154. Steves said the new target was a Wall Street high.  

Apple shares at last check eased 0.5% to $136.12. 

Steves is positive on the company's long-term outlook due to the opportunity it has with a "car product."

However, the Korean carmakers Kia and Hyundai dropped after the companies said they were not in talks with the company to develop an autonomous vehicle, as was previously reported.

Last month, Hyundai said it was in early-stage talks with Apple to develop an autonomous vehicle, but it later revised that statement and removed Apple's name from its announcement. 

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