Apple stock (NAS100:AAPL) could be active this week with its Worldwide Developer Conference back for another year.
The price of AAPL has shown a weaker bounce from the April lows than some tech stocks. The WWDC could be a chance to rally and secure the $200 level.
Apple’s Developers Conference runs from Monday through Friday and shareholders will be hoping for some new tech news to boost shares of the iPhone maker. The stock is down 19% this year and has lost its place as the most valuable company in the world, behind Microsoft and Nvidia.
Apple has struggled from the global tariff situation and a delay to its plans to add AI tools to the iPhone.
CEO Tim Cook’s keynote speech is scheduled for 1 p.m. ET on Monday and is expected to focus on Apple Intelligence, the company’s AI suite.
Investors are looking for Apple to announce new partnerships and apps, including a potential deal with Google that would integrate the Gemini AI model into Apple’s AI features, Goldman Sachs said.
Google’s CEO Sundar Pichai said he hoped Apple and Google could get a deal done by mid-2025, saying that he had been discussing it with Cook, according to Bloomberg.
Cook is also expected to announce the latest operating system for iPhone, iPad, Mac, and other devices ahead of the anticipated iPhone 17 later in the year.
Needham analyst Laura Martin downgraded Apple stock, saying that it is currently trading at a more expensive multiple than its historical measures. Tough AI competition could also hurt the iPhone maker’s business.
“We believe that, for this stock to work, it must have the catalyst of an iPhone replacement cycle, which we do not foresee in the next 12 months,” Martin wrote. “Until then, we believe that $170-$180/share is a better entry level.” She also said Apple could accelerate growth by deciding to “aggressively pursue an advertising revenue stream”.
Samik Chatterjee at JP Morgan noted that Apple shares had outperformed the S&P in six out of the last seven years from June to mid-September.