Market Overview

Baird Charges Apple Price Target During WWDC20, Expects 5G iPhone This Fall

Share:
Baird Charges Apple Price Target During WWDC20, Expects 5G iPhone This Fall

Apple Inc. (NASDAQ: AAPL) kicked off its annual developer conference, the WWDC, in a new virtual format Monday. 

The event highlighted Apple’s ongoing innovation efforts, and the company faces strong ecosystem benefits in the long-term, according to Baird.

The Apple Analyst

William Power maintained an Outperform rating on Apple and raised the price target from $320 to $390.

The Apple Thesis

Apple launched several software enhancements at WWDC20, although there were no real surprises, Power said in the Tuesday note. (See his track record here.)

Cupertino continued to focus on privacy and also announced plans to shift to Apple Silicon for the Mac, the analyst said. 

He highlighted the following updates from the iPhone maker:

  • iOS 14: Numerous enhancements, including new home screen organization and the capability to replace your car key with your iPhone, which could make the iPhone even more indispensable.
  • WatchOS: New workouts, hand wash detection and the long-anticipated sleep capability.
  • AirPods Pro: Ability to automatically switch between devices plus apatial audio for surround sound.
  • MacOS: Replacing Intel Corporation (NASDAQ: INTC) chips with Apple Silicon for the Mac going forward.

“With 1.5 billion devices in use globally, including over 900 million iPhones, we believe Apple's broader eco-system is positioned to continue to flourish,” Power said. 

The company is likely to launch the 5G iPhone in the fall, according to Baird. 

AAPL Price Action

Shares of Apple were up 2.96% at $369.48 at the time of publication Tuesday. 

Related Links:

Tuesday's Market Minute: Apple Doubles Down On Services

Apple To Let Developers Challenge App Store Guidelines, Push Bug Fixes After Uproar

Photo courtesy of Apple. 

Latest Ratings for AAPL

DateFirmActionFromTo
Aug 2020WedbushMaintainsOutperform
Aug 2020Wells FargoMaintainsOverweight
Aug 2020B of A SecuritiesDowngradesBuyNeutral

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

 

Related Articles (AAPL)

View Comments and Join the Discussion!

Posted-In: 5GAnalyst Color News Price Target Reiteration Events Analyst Ratings Tech Best of Benzinga

Latest Ratings

StockFirmActionPT
PRTKHC Wainwright & Co.Maintains19.0
MCRBHC Wainwright & Co.Maintains41.0
EOLSHC Wainwright & Co.Maintains8.0
PRTSSmall Cap Consumer ResearchMaintains16.0
FIXXHC Wainwright & Co.Maintains30.0
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