Apple (AAPL): Product Announcements Not Enough To Improve Financials - Oppenheimer

September 8, 2016 7:03 AM EDT
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Price: $120.34 +0.28%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

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Oppenheimer analyst, Andrew Uerkwitz, reiterated his Perform rating on shares of Apple (NASDAQ: AAPL) after the product announcements offered insights into the future of the device ecosystem but did not offer enough new to materially increase the company's financial opportunities.

The analyst stated "The AirPods come across as a surprise. Apple manages to integrate many smart sensors in regular sized earbuds. We notice that Apple Watch is increasingly portrayed as a fitness device. We believe the event offers interesting glimpse into Apple's future device ecosystem. However, we are unconvinced that those new devices will materially alter our current financial estimates".

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $108.36 yesterday.

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