J.P. Morgan Not Wowed by Apple Showing at WWDC

There was no “wow” factor from Apple AAPL at WWDC, J.P. Morgan reports, but notes that iCloud and other improvements are likely to keep the company ahead of the pack. “At WWDC, we think that Overweight-rated Apple introduced enough software improvements to sustain its thrust of providing an enhanced user experience,” J.P. Morgan writes. “While WWDC did not introduce a major, new product category or refresh, we think that there were plenty of incremental building blocks for driving above-peer revenue growth. “Of note, the iCloud service stands to further cement Apple's role in constructing a ‘way of life' for the user. The one controversy could be the iPad statement of 25M units shipped since inception, which implies 5.5M units shipped so far in the June quarter. The implied run rate could fall below more bullish investor expectations of 7.5M-plus (vs. JPMe 6.75M), but there is plenty of time in the quarter.” Apple closed Monday at $338.04.