Apple Inc. (NASDAQ:AAPL) is currently holding its annual WWDC conference, and gave its keynote speech on June 5. During the speech, AAPL showed off:

  • A new iOS version with “hundreds of new features” including ARKit; which will now be the world’s largest augmented reality platform. ARKit enables developers to build virtual content over real-world scenes for multiple uses in gaming, shopping, designing etc. Famous Apple ex-analyst Gene Munster ARKit has already told CNBC that ARKit is “revolutionary” and “light years ahead of everyone else”;
  • The $349 HomePod- a plain 7-inch speaker with integrated home assistant Siri: and
  • A 10.5 inch iPad; a new $4,999 iMac Pro, Apple’s “most powerful” Mac yet; an updated iMac desktop; and a new operating system for the Apple watch.

Investors are also keenly listening for any updates on Apple’s upcoming iPhone X. Analysts are expecting that the radical redesign will convince “new and existing iPhone users” to snap up the phone- which is rumored to have an OLED display, possibly edge to edge glass, much better battery life with wireless fast-charging, a Touch id sensor and augmented reality applications.

Now let’s see what the Street’s top analysts have to say following Apple’s latest announcements:

Piper Jaffray: Run Into iPhone 8 Launch

Piper Jaffray analyst Michael Olson was at the conference to watch the action unfold. He concluded that investors should own AAPL because of “growing anticipation” on the new iPhone and services revenue that is demonstrating a “favorable trajectory.” He is now expecting that there will be a run into the iPhone X launch that will overcome any other issues that may plague the shares (such as a June quarter iPhone miss).

Olson- who was less excited about the new HomePod because of its high sales price- has a buy rating and $158 price target on AAPL (which translates into a 2.64% upside from the current share price).

Oppenheimer: Apple Is Just Plugging Holes

Oppenheimer’s Andrew Uerkwitz, who has been sidelined on Apple since May 2016, said that the interpretation of Apple’s keynote speech, which addressed issues customers have been critical of, depends on how you already view the stock: “Bulls could argue that Apple has finally closed the gaps in areas it is falling behind in whereas bears could support their thesis by pointing out that the incumbent leader playing catch-up is an ominous sign for years to come.” He also noted that Apple was keen to emphasize its position as a leader in the machine learning space.

Uerkwitz reiterated his Hold rating on the stock on June 6 without a price target.

Drexel Hamilton: The Stock Is Underappreciated

Brian White of Drexel Hamilton had a very positive take on the WWDC speech and believes the “plethora of software and hardware announcements” expands the depth and breadth of “Planet Apple”. He was particularly star-struck by the HomePod, which in contrast to Olson he sees as potentially reinventing home music and becoming the go-to-gift this holiday season.

White is less interested in Apple’s quarterly results and instead focuses on the iPhone X, new innovations and capital distribution to lead the bullish picture, ultimately concluding “Apple remains among the most underappreciated stocks in the world.”

White has a buy rating on the stock and a bullish $202 price target- an impressive 31% upside from the current share price of $165.

Credit Suisse: Strong 2H Coming

Credit Suisse analyst Kulbinder Garcha says Apple gave a “more significant update than usual” with a plethora of new features, especially when considering that investors already have the iPhone X to look forward to. The iOS has been given a “major upgrade” says Garcha who also notes that there are multiple improvements for the company’s other operating systems and sees this, along with the HomePod, as setting up Apple for a strong second half of the year.

Garcha maintained his buy rating with a more modest $170 price target (10.15% upside from the current price).