Jefferies Anticipates Fall iCloud Announcement Relating to Video

Jefferies reports that, as expected, Apple's AAPL keynote at WWDC focused on “software and cloud services with mostly me-too capabilities announced.” “We expect this to be Apple's first round of cloud service announcements with round two in the Fall (likely focused on video) and round three in 2012,” Jefferies writes. “We reiterate our Buy/$500 target with the stock likely to appreciate ahead of multiple CQ4 catalysts. Also, we see iMessage as very negative for Research in Motion RIMM as it undermines BBM.” Apple closed Monday at $338.04.