After WWDC 2022, experts are optimistic about Apple shares. That’s the reason why

After WWDC 2022, experts are optimistic about Apple shares.  That's the reason why

On June 6, Apple’s (AAPL) – Get Apple Inc. Report annual Worldwide Developers Conference (WWDC) was held. Despite the fact that the Cupertino business’s big statements did not surprise many, the event was seen well by Wall Street analysts, who reaffirmed their bullishness on the Cupertino company and its shares. Apple stated during the Worldwide Developers Conference that the M2 processor will be used in the new MacBook Air and Pro starting in July. Later this year, the business plans to switch fully away from Intel CPUs. Apple also introduced enhancements to iPadOS, iMessage, and WatchOS’ health features. Another noteworthy highlight was CarPlay, although the software’s new features won’t be ready until next year.

After WWDC 2022, experts are optimistic about Apple shares. That’s the reason why

Mohan followed up with a buy recommendation and $200 price target for Apple stock. Citi analyst Jim Suva was intrigued by the CarPlay enhancements. Even though they won’t be available until late 2023, Apple has shown that it is working with car makers to get the iPhone operating system involved in core features traditionally not touched by third parties. The Citi analyst has a buy recommendation on Apple with a price target of $200. According to Katy Huberty from Morgan Stanley’s, few surprises came out of this year’s WWDC. However, the analyst highlights the introduction of the new M2 chip for the Mac and the update of the 13-inch MacBook Pro alongside the MacBook Air.

Some may have been disappointed about lack of news on Apple’s AR/VR initiatives. Consensus remains that there could be news on AR/VR OS later this year, but developers are unlikely to start working on applications until 2023. Analyst Wamsi Mohan reinforced his bullishness on Apple after WWDC based on multiple tailwinds on hardware and services such as user growth, average selling price, and increased installed base penetration. He also highlighted Apple’s 34 million developers, the functionality of the 15,000-plus apps running on Siri, and the Apple Pay Later service that could be a positive for device sales.

Huberty added that the WWDC keynote brought out “the most compelling characteristic of the company,” with Apple focusing on in-house hardware and software. The analyst has a buy recommendation with a price target of $195 per share on Apple. Dan Ives, the analyst at Wedbush that covers Apple stock, saw the new two models of the MacBook as the big announcement of the event, highlighting the M2 chip. According to Ives, the launches suggest that Apple is beating Intel and other chip companies at their own game. The Cupertino company has managed to launch new products even amid the biggest supply chain crisis in modern history.

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