Goldman Recommends Buying Calls in Apple Ahead of WWDC on June 10th

Goldman Sachs is recommending investors buy calls in Apple

ahead of the always-closely-watched Worldwide Developers Conference which begins on June 10th. The firm sees WWDC "once again" being " a positive catalyst for shares – this time driven by refreshes of existing services (iCloud and Siri) and/or a preview of the new iOS7 operating system." Goldman believes much of the options market in years past has "underestimated the positive nature of this event." The firm noted over the last 10 years, shares of Apple were up about 5 percent on average over the span of 10 days prior to WDC to one day following the event. Given the lack of stronger volatility this year going heading into WWDC (on the heels of the recent capital allocation plan), Goldman is saying call buying should be "more attractive." Goldman's William Shope currently has a Buy rating and $500 price target on shares of Apple. Shares of Apple are currently up about 1.5 percent to $451.66.