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.
Nate Wolf for Barron’s:
“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.
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