Street View: Apple's AI features remain 'evolutionary not revolutionary'

Apple AAPL.O on Monday announced incremental software updates and AI features that opened its AI to developers but kept its intelligence ambitions modest

New changes unveiled at its annual Worldwide Developers Conference included visual elements overhaul and new naming convention for software updates

Median PT of 51 brokerages covering stock is $235 - LSEG data

COMPANY PLAYING CATCH-UP ON ADVANCES IN INTELLIGENCE

Barclays ("underweight," PT: $173) calls AAPL's AI features "underwhelming," views co "as a laggard in AI"

"There were more features introduced across product categories, but we view them as evolutionary and not revolutionary," brokerage says

UBS ("neutral," PT: $210) says "many of the AI features announced were more incremental in our view, and already available through competitor applications"

J.P. Morgan ("overweight,") says while opening AI models' access to developers could be instrumental in finding interesting use cases, immediate tailwinds are limited

Morgan Stanley ("overweight," PT:$235) says Apple has differentiators to be winner in AI era, but progress is far behind others

"...Until investors gain greater confidence that an agentic, Siri-enabled AI assistant is differentiated and monetizable, we don't expect sentiment to shift materially on the stock," brokerage says