J.P. Morgan Previews Apple's WWDC

J.P. Morgan is maintaining its Overweight rating on Apple Inc. AAPL as the company prepares for its annual WWDC to begin today. Says J.P. Morgan, in its report, “We expect WWDC 2011 to be a positive catalyst for shares of Overweight-rated Apple. The annual developers conference in San Francisco kicks-off with today's keynote led by CEO Steve Jobs. There should be a little something for each product category to renew investors' interest in the stock, which has been trading sideways since its April 20 earnings call. For most investors, Apple is still a product cycle story, and we think the cycles of iPad (now) and iPhone (later this summer) will help push numbers higher. Plus, we look for Apple's iCloud service to remind investors that the company is constructing a way of life for the user, i.e., mobile ubiquity, which is a powerful mechanism for customer retention.” AAPL closed on Friday at $343.44.