Evercore Maintains Outperform Rating on Apple (AAPL), Expects Small Updates at WWDC

On Tuesday, June 3, Evercore ISI analysts reaffirmed an “Outperform” rating on Apple Inc. (NASDAQ:AAPL) with a $250 price target.

Analysts expect this year’s Worldwide Developers Conference (WWDC) by Apple Inc. (NASDAQ:AAPL) to be quieter compared to previous years, with not as many significant announcements.

An Apple store displaying the latest in consumer electronics, from smartphones to wearables.

Evercore ISI analysts pointed out that Apple Inc. (NASDAQ:AAPL) is likely to introduce its foundation models to app developers. The analysts also expect the company to expand its Apple Intelligence partnerships besides OpenAI, with Perplexity and Gemini as potential new partners.

A significant update to Apple Inc.’s (NASDAQ:AAPL) operating systems is expected. This could include a new way of naming by adding the year at the end like iOS 26.

The analysts noted that the company is focusing on smaller, efficient scale on-device models and large-scale models to avoid spending huge amounts on AI infrastructure like some of its competitors. Apple Inc. (NASDAQ:AAPL) is instead aiming to make money by charging model providers for access to iOS users. This is a more capital-light business model.

This year’s WWDC is expected to be low-key, with small improvements and no major new hardware announcements. The analysts expect major updates from Apple Inc. (NASDAQ:AAPL) will come in 2026.

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Disclosure: None.