Market Overview

Apple's WWDC 2019 Was All About Apps, Security

Share:
Apple's WWDC 2019 Was All About Apps, Security

Apple Inc. (NASDAQ: AAPL)’s response to increased competition and slowing iPhone sales is about the apps, analysts said after the company’s Worldwide Developers Conference presentation.

Most of the news out of Monday's conference was about unique software features and making things easier for app developers.

“Apps are becoming more and more tailored to maximize the user experience on each respective platform at the same time they are becoming easier to create for the developer community,” Morgan Stanley analyst Katy Huberty wrote in a note. The move to better the app experience is across platforms, she said.

“After (Monday’s) announcements, we believe Apple Watch and Mac will more meaningfully contribute to App Store growth, while further solidifying Apple as the most attractive platform for app developers,” said Huberty. "Apple's top growth opportunity is driving increased user engagement with apps.”

Huberty has Apple rated Overweight with a $231 price target.

Security And Privacy

Also noted by analysts was a tangible focus on security and privacy, part of a move by Apple to differentiate itself in a tech industry that has been beset with criticism over the issue.

One big announcement from Apple is it will add a “Sign In With Apple” feature that’s similar to the mechanisms that allow internet users to sign into third party sites with their Facebook (NASDAQ: FB) or Google (NASDAQ: GOOGL) IDs. But unlike those platforms, Apple says it won’t use the sign-in system for tracking.

“We view this move as destructive to the data gathering and analytic companies whose business models are based on tracking detailed user information,” wrote Bank of America Merrill Lynch analyst Wamsi Mohan, who kept a Buy rating on Apple with a $230 target.

AMD Powers Mac Pro

While Apple mostly focused on software, Wells Fargo analyst Aaron Rakers noted some hardware news that was boosting another company on Tuesday. Apple’s new Mac Pro will use graphics processing units from Advanced Micro Devices, Inc. (NASDAQ: AMD). Rakers suggested it might be a “positive validation of AMDs GPU positioning.”

The market seemed to be powered up about it, too. AMD's stock surged 6 percent on Tuesday to $29.22 per share.

Apple's stock was up 3.3 percent at publication time to $179.10 per share.

Related Links

All The Updates, Features Apple Showed Off At WWDC 2019: Dark Mode, MacOS Catalina And More

Apple Falls As Justice Department Given Jurisdiction For Possible Antitrust Probe

Craig Federighi unveils iOS 13, the latest version of the world’s most advanced mobile operating system. Courtesy photo.

Latest Ratings for AAPL

DateFirmActionFromTo
Aug 2020Wells FargoMaintainsOverweight
Aug 2020B of A SecuritiesDowngradesBuyNeutral
Jul 2020CascendMaintainsBuy

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

 

Related Articles (AAPL)

View Comments and Join the Discussion!

Posted-In: Aaron Rakers Bank of AmericaAnalyst Color News Events Top Stories Analyst Ratings Tech Best of Benzinga

Latest Ratings

StockFirmActionPT
UBERRBC CapitalMaintains50.0
UBERMizuhoMaintains42.0
WIXJMP SecuritiesMaintains363.0
UBERBarclaysMaintains43.0
CVIJP MorganInitiates Coverage On22.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com