Home Awesome Apple’s big event leaves many unanswered questions (AAPL)

Apple’s big event leaves many unanswered questions (AAPL)


apple tv event march 2019AP Photo/ Tony Avelar

Wall street analysts weighed in on the special event that Apple held on Monday, where the company unveiled new offerings. While many analysts kept their ratings unchanged, at the least one firm bumped up its price target for Apple shares. Goldman Sachs analysts said the event was “materially different than we had expected, ” and expected investors’ concentrate to return to Apple’s slackening iPhone business. Watch Apple trade in real-time.

Apple‘s highly anticipated event in Cupertino, California, on Monday was long on grandeur, but somewhat short on answers.

So say Wall Street analysts who walked away from the big event pleased with the release of Apple’s new, long-rumored television streaming and news services, but searching for greater pricing detail.

Apple unveiled Apple News Plus, its premium news service; Apple Arcade, its gaming subscription service; Apple TV Plus, its streaming service; and a physical credit card called Apple Card.

And while pricing for Apple News+ was set at $9.99 per month, precise release date information and pricing for the other services were not given.

Read more: Apple’s big, flashy event underwhelmed investors. Here’s why .

Clarity on such plans is crucial for determining Apple’s success in these areas as the tech giant builds its foray into the highly competitive streaming arena.

“Apple’s Service expose was materially different than we had anticipated, ” Goldman Sachs analysts led by Rod Hall wrote to clients on Monday. “The Apple TV+ service which we expected to be available now was only previewed for Fall availability with no pricing information.”

Read more: Apple merely announced Apple News Plus, a news subscription service for $9.99 a month

Additionally, Apple offered no services bundle to obligate users to sign up now, Hall and his team noted — though the company said such a deal could still come subsequently this year. The firm also said investors’ focus would now return to Apple’s slackening iPhone sales with the event in the rearview mirror.

Other analysts carried consternation over the fresh streaming gaming and television offerings arriving afterwards this year rather than an immediate launch.

“Given some of these Services are not available until the autumn, it is surprising that Apple chose to schedule this event in March, ” analysts at Bank of America Merrill Lynch told clients on Tuesday.

Still, analysts largely maintained their optimistic views of the company, with at least one firm, UBS, upping its price target.

As of Tuesday, Wall Street was evenly split between analysts who recommend holding the stock and those who indicated buying it.

Here’s a snapshot of what analysts told their clients following Apple’s big event 😛 TAGENDJefferies: ‘Building a Netflix Competitor Won’t Come Cheap’ Reuters

Price Target: $160

Rating: Hold

“Heading into this event it was unclear exactly what Apple would announce and it is now clear it intends to build a true Netflix competitor, and they don’t is cheap, ” analysts led by Timothy O’Shea wrote on Monday.

They added: “We watch limited pricing power given the small content library at launching, and if Apple is playing the long game here it could pressure financials for years.”

JP Morgan: ‘Services Event Offers More Breadth and Less Depth; Positive on Card and Gaming, Less So on Video and News+ ‘ AP Photo/ Tony Avelar

Price Target: $228

Rating: Overweight

“Apple’s event yesterday focused on launch of services and offered more breadth than investors expected, but at the same hour it failed to offer the same depth that investors would have liked to see to posture each category for success, ” analysts led by Samik Chatterjee wrote on Tuesday.

The team added that particularly with expectations running high into the event, the revelation that Apple TV+ would be a “pure aggregator” likely left investors disappointed.

Goldman Sachs: ‘TV service later than expected with no pricing and no bundle for now. Credit card incremental but small impact for Apple’ AP

Price Target: $140

Rating: Neutral

“Apple’s Service reveal was materially different than we had anticipated, ” analysts led by Rod Hall told clients Monday. “The Apple TV+ service which we expected to be available now was merely previewed for Fall availability with no pricing information.”

See the rest of the tale at Business Insider

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