UBS and Needham flagged Apple’s underwhelming Siri updates, now delayed until 2026, as a key disappointment.

Apple’s annual Worldwide Developers Conference (WWDC) unveiled a wave of software enhancements and artificial intelligence features, but several Wall Street analysts remain unconvinced the updates will drive near-term upside, especially in iPhone demand.

UBS was among the most cautious, calling the announcements “more evolutionary than revolutionary.” The brokerage maintained a ‘Neutral’ rating and $210 price target, warning that iPhone revenue estimates for the coming year may be too high. 

Needham echoed that sentiment, saying the newly announced features, including live-call translation and a social gaming hub, won’t significantly move the needle. 

It kept a ‘Hold’ rating and reiterated its view that a new iPhone upgrade cycle remains essential for meaningful upside. 

Both firms also flagged Apple’s underwhelming Siri updates, now delayed until 2026, as a key disappointment.

Morgan Stanley was slightly more optimistic, stating that investor sentiment may not shift immediately but that Apple “still has the ingredients to make it an AI winner.” It reaffirmed an ‘Overweight’ rating with a $235 price target.

Bank of America (BofA), which kept a ‘Buy’ rating and $235 target, said the event was “not as exciting as prior years” but still meaningful. It pointed to Apple’s most comprehensive visual overhaul since 2013 and a privacy-focused AI strategy as long-term advantages that strengthen the company’s ecosystem.

Citi stood out as the most bullish, maintaining a ‘Buy’ rating and a Street-high $240 price target. The brokerage praised Apple’s “liquid glass” UI redesign, deeper cross-device integration, and the strategic embedding of Apple Intelligence across its app suite. 

While acknowledging investor focus on the delayed Siri rollout, Citi said the WWDC sets Apple up well heading into 2026.

Separately, an Apple Store and other downtown Los Angeles businesses were reportedly looted and damaged after anti-ICE protests in the city turned violent Monday evening during a fourth day of demonstrations.

Apple’s stock traded flat on Tuesday afternoon. The shares have fallen nearly 20% this year and gained just 2% in the last 12 months. 

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