Gene Munster: Apple's 'Subtle Changes' Are Good For Users, Still Overweight

In a report published Tuesday, Piper Jaffray analyst Gene Munster maintained an Overweight rating and price target of $162 on

. The announcement made by Apple during the WWDC regarding product innovations to enhance user experience are likely to help the company garner market share in high-end smartphones, PCs and wearables. "This translates into increased confidence that Apple can meet Street growth rates for the next year plus. We expect shares of AAPL to move higher as investors increasingly think about the company as an annuity hardware business," Munster stated. During the keynote address at the WWDC, Apple offered a preview of iOS9, which showcased the company's use of predictive technology to give iOS a "more guided experience." Some of the features added to iOS9 include then new News app, as well as the addition of transit directions in Maps. HealthKit and HomeKit have also been bolstered with additional features. "We continue to believe that HealthKit and HomeKit are in early stages and will grow over time to be important parts of the Apple ecosystem," the Piper Jaffray report said. Related Link:

The company announced the launch of Apple Wallet, which will replace Passbook. "Wallet includes the ability of Apple Pay to store credit/debit cards and also enables a place to store boarding passes and loyalty cards as well. Additionally, Apple announced that Apple Pay would be available in the UK next month," according to Munster. The company also announced the launch of Apple Music, although this was largely anticipated. This streaming radio focuses on "curated" playlists, along with a social networking platform for musicians and their fans and a 24/7 worldwide radio station. "Interestingly, Apple Music will also be available on Android and Windows, which doesn't matter from a revenue standpoint, but could help Apple attract incremental iPhone buyers from competitive platforms," Muster reported. Apple also introduced Watch OS2, which has native app support as its core feature. The analyst believes that this Apple Watch update will help developers create unique user experiences on the Apple Watch. According to the Piper Jaffray report, "While the new OS will likely not meaningfully impact Apple Watch sales in the next few quarters, we expect that as developers create new watch-focused apps that it should provide a tailwind for sales over the long-term." The analyst believes that the company intends to launch Apple TC at next year's WWDC.