The day Apple fans and investors have been waiting for is finally here. The tech giant's Worldwide Developers Conference begins Monday in San Francisco. And one top Apple analyst says there are several big things to look for.
"On the music service side we're expecting some streaming news. Think of Beats Music or Spotify integrated in iTunes to make it more easy for you to pick and choose what music you get on the steaming side," said Gene Munster, who covers Apple for Piper Jaffray.
He also expects a new mobile iOS as well as the launch of an Apple Pay loyalty program to challenge Google's Android Pay. But those hoping to see an announcement that Apple will take on the likes of Netflix and Hulu may have to wait a little longer.
"The big notable thing that probably won't happen is the video streaming service that's been rumored," he said. "That is certainly something that is in the works but probably isn't going to happen today."
And while none of these are a groundbreaking new product launch, Munster says the goal is to get people to use iPhones more. "They're little baby steps but they do add up to continued gaining market share which does move the needle for Apple," he said.
According to data compiled by FactSet, Apple's sales were nearly 56 percent of the company's $183 billion revenues last fiscal year.
Though Apple's most recent major product launch, the Apple Watch, doesn't seem to have caught the public's imagination the same way as the iPad or iPhone did in the past, Munster is still optimistic about its prospects.
"We're anticipating that the first breakout quarter is going to be the holiday of 2016," he predicted. "This is going to take some time for people to understand the value of the watch…. But it's not at the point where it's gone viral. I think that's going to take several quarters to happen."
Munster has an "overweight" rating on Apple and has a price target of $162, a 26 percent premium to Monday's opening price.
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