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.

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