Apple WWDC 2017: What’s The Word On The Street?

Apple (Nasdaq:AAPL) is currently holding its annual WWDC conference, and gave its keynote speech on June 5. During the speech, AAPL showed off:

a new iOS version with “hundreds of new features” including ARKit; which will now be the world’s largest augmented reality platform. ARKit enables developers to build virtual content over real-world scenes for multiple uses in gaming, shopping, designing etc. Famous Apple ex-analyst Gene Munster ARKit has already told CNBC that ARKit is “revolutionary” and “light years ahead of everyone else”;

the $349 HomePod- a plain 7-inch speaker with integrated home assistant Siri: and

10.5 inch iPad; a new $4,999 iMac Pro, Apple’s “most powerful” Mac yet; an updated iMac desktop; and a new operating system for the Apple watch.

Investors are also keenly listening for any updates on Apple’s upcoming iPhone X. Analysts are expecting that the radical redesign will convince “new and existing iPhone users” to snap up the phone- which is rumored to have an OLED display, possibly edge to edge glass, much better battery life with wireless fast-charging, a Touch id sensor and augmented reality applications.

Now let’s see what the Street’s top analysts have to say following Apple’s latest announcements:

Piper Jaffray- Michael Olson- run into iPhone 8 launch

Michael Olson was at the conference to watch the action unfold. He concluded that investors should own AAPL because of “growing anticipation” on the new iPhone and services revenue that is demonstrating a “favorable trajectory.” He is now expecting that there will be a run into the iPhone X launch that will overcome any other issues that may plague the shares (such as a June quarter iPhone miss).

Olson- who was less excited about the new HomePod because of its high sales price- has a buy rating and $158 price target on AAPL (which translates into a 2.64% upside from the current share price).