Bank of America Provides Color on Apple's WWDC Announcements

According to a recent report from Bank of America, Apple AAPL introduced the iCloud at the Worldwide Developer Conference (WWDC) as expected. The iCloud apps include iTunes in the Cloud and Photo Stream. At the conference, Apple also introduced iTunes Match and announced the Mac OS X Lion and the iOS 5 software. Bank of America maintains a Buy rating on Apple and reiterates a $465.00 price target on the company. In the report, Bank of America said, "Overall there was little hype heading into the event and even with some investor disappointment around lack of details for monetizing the cloud (and giving up MobileMe revenue), we see no reason to change our bullish stance on the stock." Apple closed yesterday at $338.04.