Needham keeps a Hold rating with no price target on Apple (AAPL) following the company’s initial keynote at WWDC yesterday. Among Apple’s new announcements were live-call real time translations, call screening with call-back options, and a videogame hub that allows new interactive and social tools, but none of these are “important upside value drivers”, the analyst tells investors in a research note. Needham further states that the Siri updates were “underwhelming” and, as the firm noted in its prior downgrade, it still believes that Apple requires an iPhone upgrade cycle for shares to work.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AAPL:
- Apple WWDC kickoff ‘not as exciting as prior years,’ says BofA
- Did Apple Ace its Big AI Test at WWDC?
- Apple ‘clearly still has ingredients to make AI winner,’ says Morgan Stanley
- Apple’s Strategic Ecosystem Enhancements and Potential AI Leadership Justify Buy Rating
- Cautious Outlook on Apple: Hold Recommendation Amid Lackluster WWDC Announcements