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Apple Vision Launches Wedbush Analysts Believe Pro Signals a potential “product renaissance” for the company, with the hardware also being Apple's first step towards introducing an AI App Store.
The excitement surrounding the first weekend of Apple's Vision Pro launch is a huge boost for Apple, Wedbush analysts suggest, as shoppers visit the store with “curiosity and intrigue about demos and purchases” that the company doesn't have. I've seen it for years.”
“We believe Apple Vision Pro is a potential game-changer in the coming years, and Cupertino has seen clear success with this next-gen form factor, far exceeding the Street's initial expectations,” Wedbush said in a statement Sunday. investors. from AppleInsider reads.
Even though Wedbush is saddled with a high price tag and a “limited audience outside of developers,” he's “surprised by how early the Vision Pro's mass-market appeal has emerged.” The first 600 available apps built for VisionOS were amazing and “significantly exceeded all expectations.”
“We believe Apple Vision Pro is a potential game-changer in the coming years, and Cupertino has seen clear success with this next-generation form factor, significantly exceeding the Street's initial expectations,” the analysts wrote.
This is “just the beginning for the Vision Pro,” the note continues: Industry checks have concluded that the second-generation model could cost less than $2,000 and possibly include three editions of the model, as “Apple looks set to move more aggressively towards its gold installed base.”
The note's speculation about future models takes the form of oft-claimed smart glasses with “sunglass-like form factors” expected in the coming years. As for the Apple Vision Pro, sales are predicted to exceed 1 million units by 2025.
Artificial Intelligence Program
Apple Vision Pro is also “the first step in Apple’s push toward artificial intelligence and ultimately the creation of a separate AI App Store,” Wedbush believes, and Apple is expected to discuss this at WWDC. Analysts have picked up on Apple CEO Tim Cook's comments about artificial intelligence, as well as plans to announce them later in 2024.
“We also believe that Apple will include generative artificial intelligence in the iPhone 16, and this will mark the start of a new growth frontier for Cupertino's gold installed base,” the note continued.
Apple's ultimate goal is for Vision Pro to work alongside the iPhone and other Apple devices in the coming years, “with many consumer AI use cases rapidly evolving in healthcare, fitness, sports content, and more.” … autonomous.”
Watching other Wall Street commentators “disparage Vision Pro as noise,” Wedbush strongly disagrees, believing it is “the first step toward a much broader technology vision that Cook & ; Co. plans to advance the implementation of the base in the coming years.”
Apple is forecast to see a “growth renaissance” over the next 12 to 18 months, with the company remaining a “tech stock to own.”
Wedbush maintains an Outperform rating on Apple and a $250 price target.