Here are the reactions from major firms following Apple’s WWDC 2024 event:
– Wells Fargo: Believes that Apple Intelligence could stimulate a significant iPhone upgrade cycle, with a price target of $225.
– KeyBanc: Views WWDC as a “sell-the-news event” and thinks consumers will hold onto their devices longer due to a lack of compelling features.
– JPMorgan: Reiterates an Overweight rating with a $225 price target, noting that Apple shares are taking a breather with no killer apps.
– Morgan Stanley: Expects Apple Intelligence to accelerate device replacement, with a price target of $216. More confident in Alphabet/Google’s GenAI leadership.
– BofA: Describes Apple Intelligence as powerful, intuitive, integrated, personal, and private. Available on iPhone 15 Pro/Max, and iPad/Mac with M1 or later. Anticipates a multi-year upgrade cycle with a price target of $230.
– Bernstein: States AI announcements were largely as expected, maintains an Outperform rating with a $195 price target. Warns that the Apple and OpenAI partnership could be “revenue dilutive initially.”
– DA Davidson: Upgraded to Buy from Neutral, raising the price target to $230 from $200. Believes AI features will drive more iPhone sales.
– Wedbush: Maintains an Outperform rating with a $275 price target, asserting that Apple AI strategy is set to “change the game.”
– Oppenheimer: Bullish on Apple iOS 18, seeing potential to accelerate product replacement.
– UBS: Notes the lack of a game-changing AI product as a likely negative for near-term iPhone demand and investor sentiment.
– Citi: Calls the keynote “the best WWDC conference in a long time.”
– RBC Capital: Offers a mixed/slightly negative outlook for Alphabet/Google.
– BofA: Sees the outcome as middle of the road for Alphabet/Google.
