According to Tech Times, AAPL hit an all-time intraday high of around $317.40 on June 8 during the unveiling of Siri AI, before reversing to close at $301.54, down 1.89%. The slide continued over the following two days, with shares falling to around $290.55 by the close of June 10. The stock is trading around $292 as of writing.
The drop has been attributed in part to mixed investor reaction to Siri AI. Siri AI will not launch on iPhone and iPad in the European Union due to compliance issues, and the feature faces a similarly delayed rollout in China due to regulatory hurdles. According to Yahoo Finance, Morgan Stanley estimates those two excluded markets together account for roughly 35% of trailing 12-month iPhone shipments.
The analyst community’s response to this year’s WWDC has been broadly positive, with several firms raising their price targets. TheStreet reports that TD Cowen raised its Apple price target to $350 from $335, Maxim Group raised its target to $350 from $310, and Morgan Stanley raised its target to $360, all maintaining Buy or Overweight ratings.
JPMorgan reiterated its Overweight rating with a $325 price target, while Jefferies held its target at $299.88. According to Investing.com, Bernstein reiterated an Outperform rating and a $350 price target, while UBS maintained a Neutral rating with a $296 target. Maxim Group increased its fiscal 2027 projections on the expectation that improvements in AI-related products will serve as a catalyst for both services and hardware sales.
TradingKey characterized the post-WWDC selloff as a classic “buy-the-rumor, sell-the-news” reaction, noting that Apple’s second quarter results of $111.2 billion in revenue and a $31 billion services all-time high remain unchanged by any of the WWDC announcements.
The September iPhone event will be the next major test for investors and the first keynote under incoming CEO John Ternus.
This article, “AAPL Stock Slides Following WWDC, But Analysts Broadly Raise Targets” first appeared on MacRumors.com
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