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AAPL | Apple’s Outlook Ahead of the WWDC Conference

Apple is set to host its Worldwide Developer Conference (WWDC 2024) on 10 June.

AAPL – Daily Chart

AAPL – Daily Chart 

Apple’s stock price trades at $191.67 after a recent earnings-driven surge following the release. If the WWDC impresses, the company will face two intense resistance levels.

This year’s WWDC 2024, heavily rumoured to be focused on artificial intelligence, could be a game-changer for Apple. If a big announcement is made, the company’s share price could see a significant rally, underlining the importance of this event for investors.

In comparison, Apple is valued at 7.6x sales, while Microsoft is valued at 13.5%.

Apple’s released schedule for its developer conference could focus on speed. The new iPad Pro only features the company’s new M4 silicon chip. However, it will likely be added to the MacBook Pro and the Mac Studio devices soon.

Some analysts need high-level AI tools from AI, and Bloomberg’s Mark Gurman expects to see basic AI features like transcribing voice memos or auto-generated emojis. A rumoured partnership with OpenAI could also be announced.

Leading analyst Daniel Ives maintains a bullish stance on Apple’s stock before the upcoming conference. His positive outlook, backed by recent supply chain checks, suggests that a successful WWDC could significantly boost the share price, potentially setting the stage for a strong earnings release.

Ives reiterated a Buy on AAPL stock last week, while he raised his price target on the company to $275 from $250. That would be a gain of around 45% from the current price.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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