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.
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