Apple’s WWDC keynote shows company ‘playing it safe’ on AI, says Wedbush

Wedbush reiterated an Outperform rating and $270 price target on Apple (AAPL) after the company’s Worldwide Developers Conference keynote presentation. Overall, WWDC laid out the vision for developers, but was void of any major Apple Intelligence progress as the company is playing it safe and close to the vest after the missteps last year, the analyst tells investors in a research note. The firm added that while it understands the strategy, this is a “big year ahead” for Apple to monetize on the AI front as ultimately management may be forced into doing some bigger AI acquisitions to jumpstart this AI strategy. Despite being “late to the party,” Apple has started to lay out the foundation of its multi-year AI strategy over the coming years, the analyst says, adding that the firm believes this event has planted the initial seeds for Apple’s AI strategy into 2026 and beyond.