Shares of Apple Inc. rose to another record on Tuesday as analysts applauded the company’s intention to put custom processors on the Mac and the deeper integration of its various operating systems.
Apple AAPL,
Shares gained 2.1% in the session to end at $ 366.53, the sixth time this month that stocks closed at a record level. The stock is up 63% in the past three months, such as the DIA Jones Industrial Average DJIA,
– which has Apple as a component – has gained 41%.
Apple’s keynote address at its WWDC developer conference, in which the company previewed software updates for its various devices and confirmed its rumors that it planned to put its own silicon chips in its Macs during the In the coming years, it was applauded by most analysts on Tuesday morning.
“Perhaps the biggest conclusion of today’s event was the assurance that Apple continues to drive innovation and new ways to use technology hardware and software,” wrote Wamsi Mohan of Bank of America, who noted that “AirPods incorporates surround sound and spatial audio. “The watch supports more health workouts, tracking users’ dance movements, and tracking sleep.”
It has a buy rating and a price target of $ 390 on Apple stock.
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UBS analyst Timothy Arcuri said the Apple chip announcement marked “a continuation of its vertical integration strategy after years of convergence on its mobile and MacOS.” The rest of the updates were largely “intended to use integration to further boost ecosystem rigidity,” he wrote in a note to customers, while raising its price target to $ 400 from $ 325 and maintaining a rating of purchase.
Oppenheimer’s Andrew Uerkwitz called the decision to introduce custom Mac chips a “historic move” that validates the pit Apple is building by uniting all elements of its ecosystem. He reiterated a higher rating and a target price of $ 320.
The accolades were not universal as some analysts considered what was missing from the event.
“Apple provided virtually no up-to-date operational or financial metrics, had little to say about Apple TV + progress, opted not to comment on the current scrutiny of developers / regulators on the App Store, and provided relatively marginal updates on key initiatives like health or ARKit “, Toni Sacconaghi de Bernstein wrote about the keynote.
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Sacconaghi maintained a performance rating in the market, but raised its target price to $ 375 from $ 285.
Opinion: Apple says more with its silent actions than on the main stage of the WWDC
Instinet’s Jeffrey Kvaal called the presentation “a little vanilla” and said Apple “may have missed the opportunity to launch more features linked to the post-pandemic world or to equip its impending 5G phone.” It has a neutral rating and a $ 250 price target on Apple stock.
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