The announcement of Apple Music and upgrades to the company's operating systems were in line with analysts' expectations. The streaming service, available starting June 30, will include a 24-hour radio station and access to more than 30 million songs currently available through iTunes. The service throws Apple into the online music streaming business currently dominated by companies such as Pandora (P) and Spotify.
Another feature, Apple Music Connect, will allow artists and fans to interact in a social media-like environment. Artists will be able to post lyrics, new songs and other content and get feedback from their followers.
Shares of Apple dropped 0.88% on Monday and fell 1.2% to $126.32 Tuesday.
With the developments on the software front unsurprising, analysts were left to debate whether Apple as a whole was valued appropriately. Some said the conference confirmed the company's continued dominance and upped price targets a bit higher than trading price. Others predicted little or no movement, expressing disappointment at the lack of details on device sales.
Here's what a few had to say:
Credit Suisse analyst Kulbinder Garcha (Outperform, $145 PT)
"With these announcements, Apple continues to demonstrate how its integration across hardware, software and services based on iPhone, iPad, Mac and Apple Watch could result in a sustainable differentiating advantage over rival platforms. This creates a virtuous circle for its business lines: high levels of usage and differentiation allows more devices to be plugged into the platform. We reiterate our Outperform rating and our TP of $145 and believe the current iPhone cycle will be more prolonged than anticipated."
Deutsche Bank analyst Sherri Scribner (Hold, $125 PT)