ISI Group Comments on Apple Management Presentations at WWDC 2012

ISI Group has published a research report on Apple

after CEO Tim Cook and management presentations at WWDC 2012. In the report, ISI Group writes, "We attended AAPL's 23rd Worldwide Developer's Conference (WWDC) in San Francisco this morning along with AAPL enthusiasts and developers from over 60 countries and over 1,000 AAPL engineers. While Steve Jobs' past performances are impossible to duplicate, we believe presentations by Tim Cook along with senior executives (e.g., SVP of Worldwide Marketing Phil Schiller, SVP of iOS Software Scott Forstall, etc.) did a solid job keeping the AAPL faithful satisfied. While some may have been mildly disappointed that a new Apple TV OS was not introduced, we believe AAPL wanted to focus attention on the Mac platform which is positioned to continue taking share, in our view. WWDC reinforced AAPL's unparalleled ecosystem (e.g., 400mil credit card accounts, 30bil apps downloaded, $5bil+ paid to developers, 650k+ apps, etc.), loyal user base and increasing iPad/iPhone penetration that should lead to “smooth sailing” over the near/mid-term, in our view." ISI Group maintains its Buy rating and $750 PT on Apple, which closed yesterday at $571.17.