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Apple target hiked by UBS following WWDC announcements

The tech giant has unveiled software overhauls for its iPhone, iPad, Mac and smartwatch products

Apple Inc. - Apple target hiked by UBS following WWDC announcements

Apple Inc (NASDAQ:AAPL) has had its target price hiked to US$400 from US$325 by analysts at UBS following a slew of new features for its technology that were unveiled at the World Wide Developers Conference (WWDC) on Monday.

Among the new innovations unveiled at the conference, the tech giant announced a new version of its iPhone operating system, iOS 14, which will add a number of features including a translation app and the ability to turn the phone into a contactless car key.

READ: Apple’s App Store and Apple Pay targeted by EU antitrust regulators

Other new features are iPadOS 14, a new operating system for the company’s iPad tablet, as well as new software for its Apple smartwatch, known as watchOS 7.

The company’s Mac computers are also getting an upgrade with macOS Big Sur, which the firm said will be the “biggest design upgrade” since the launch of the Mac OS X in 2001.

In a note on Tuesday, analysts at UBS also retained their ‘buy’ rating on the stock, saying the new operating systems will “drive even more stickiness” of the company’s device ecosystem.

The bank also said the company’s June period “may be tracking better” as a strong performance of the iPhone SE2 was “more than offsetting channel bleed for older models” ahead of builds for the launch in Autumn. As a result, UBS increased its iPhone sales estimates for June to 34mln units from 30mln.

UBS also said demand for Apple’s wearable products such as the smartwatch “should recover strongly” post-coronavirus as consumer discretionary spending shifted from leisure and retail towards technology.

Apple’s shares rose 1.3% to US$363.5 in pre-market trading in New York on Tuesday.

Quick facts: Apple Inc.

Price: 373.85 USD

NASDAQ:AAPL
Market: NASDAQ
Market Cap: $1.62 trillion
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