Goldman Sachs: 'No Major Surprises' At Apple WWDC So Far

In a report published Tuesday, Goldman Sachs analyst Bill Shope reiterated a Buy rating and price target of $163 on

, following the company's keynote address at WWDC 2015. "As expected, the event was solely focused on Apple's software-based enhancements with the company previewing new versions of Mac OS, iOS, and watchOS that will all be available to the public this fall," Shope said. The company announced that Apple Pay would now support retailers' rewards cards and that the service would be available in the UK from July. Apple also announced the launch of Apple Music, which includes a 24/7 live worldwide radio station, on-demand music streaming and a social platform, Connect, for artists to connect directly with their fans. According to the Goldman Sachs report, "The keynote announcements were largely in-line with expectations. We would characterize the Mac OS and iOS updates as more "evolutionary" than "revolutionary" in nature, although we do view the watchOS release as an important push toward the maturation of the device. Further, Apple Music is a significant upgrade to the company's existing music streaming service, and Apple Pay's rewards program and UK expansion are both incremental positives." However, the analyst does not expect Apple Pay or Apple Music to significantly impact the company's P&L in the near to medium term. "We continue to look to iOS device launches in the fall as the more significant near-term catalysts for the stock. In particular, the next generation iPhone should add typical S-cycle tailwinds to margins, which is not fully factored into investor expectations at this point," Shope added.