Apple’s major annual conference, WWDC, where the company typically unveils its latest products, kicks off next week. But one analyst doesn’t expect the event to give the stock a lift.
David Vogt of UBS issued his note Wednesday on Apple’s Worldwide Developers Conference, which begins Monday at the company’s Silicon Valley headquarters.
“Shareholders expect Apple to release new artificial-intelligence features after years of lagging behind its rivals on AI. Whether those features drive demand is another question.
“We don’t expect the event to be a positive catalyst for the shares,” he wrote in a research note.
UBS kept its estimates for iPhone revenue and unit sales — the company’s largest segment — unchanged. Apple is enjoying solid demand, the firm said, but there is still lingering uncertainty about its AI strategy.
MacDailyNews Take: UBS analyst David Vogt reiterated his “Neutral” (hold) rating and $296 price target on Apple stock, $13 below the current price, even after he managed to talk it down over $5 today. Profit from Vogt’s baseless fomenting and from the poor decision-making abilities of the mom and pops he scared out of AAPL today.
Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
Like 🙂 or dislike 🙁 this post below!
UBS is right. As we all know, buy the rumour, sell the news. There are multiple downsides: Even if all the rumours were true, people will be disappointed because they were not surprised. And there’s always a chance that some of the rumours were not true, or the products will get released later. Also, rumours are always incomplete, which leaves room for imagination—even if announcements turns out exactly as rumoured, they will not be exactly as imagined. Because Apple is so well covered these days everything they announce is known (thus priced in) there’s practically zero chance for a positive surprise, which is needed for the stock to go up. So down it goes. I will take that as a buying opportunity.