Apple’s (AAPL) annual WWDC (Worldwide Developers Conference) will take place throughout next week and the tech giant’s global fanbase will get an opportunity to find out what products Apple plans on bringing to market.
iOS 16, the latest version of Apple’s mobile operating system is expected to get an introduction with the lock screen, messaging and health all boasting meaningful upgrades.
Wedbush analyst Daniel Ives also thinks the next major Apple Watch OS will be announced along with a new MacBook Air 2022 version.
But Ives anticipates some other, more intriguing surprises, ones which are non-software related. “We importantly believe that Cook & Co. will hit on a number of AR/VR technologies to developers that the company plans to introduce and ultimately this strategy is laying the breadcrumbs to the highly anticipated AR headset Apple Glasses set to make its debut likely before holiday season or latest early 2023 based on the supply trajectory,” the 5-star analyst said.
Eying the metaverse opportunity in a big way, the Apple Glass AR/VR technology will be a “key broadening out of the Apple ecosystem.”
But the metaverse is not the only target Apple has set its sights on. Having decided not to bring a movie studio under the fold, Ives thinks Apple is keen to add more live sports to its roster of services. The company has already bought the rights for MLB Friday Night baseball package games for the next few years and along with Amazon, Ives says it is “widely viewed” in the industry the pair were in the final bidding for the NFL Sunday Ticket.
This should be a multi-billion-dollar annual deal ($2.5 billion+) and a “landmark” for the company, with the package seen as the “crown jewel” for streaming live sports content. Should Apple win it, it will further strengthen its position in the streaming arms race,” one which has already been boosted by the Oscar win of CODA and success of other recent offerings (Ted Lasso, The Morning Show, Severance).
To this end, Ives reiterated an Outperform (i.e., Buy) rating backed by a $200 price target. The implication for investors? Upside of 32%. (To watch Ives’ track record, click here)
Turning now to the rest of the Street, where the average target clocks in at $186.45 and factors in 12-month gains of 28%. Looking at the ratings, based on 21 Buys vs. 6 Holds, the analyst consensus rates the stock a Strong Buy. (See Apple stock forecast on TipRanks)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
