The launch of the Apple Vision Pro signals a potential “product renaissance” for the company, Wedbush analysts believe, with the hardware also Apple’s first step towards introducing an AI App Store.
The excitement surrounding the first weekend after the Apple Vision Pro’s release is a massive upswing for Apple, analysts at Wedbush propose, with customers visiting the store with a “curiosity and intrigue for demos and purchases” that the firm hasn’t “seen in years.”
“We believe Apple Vision Pro is a potential game changer over the coming years and Cupertino has found clear success with this next generation form factor surpassing by a wide margin original Street expectations,” Wedbush’s Sunday note to investors seen by AppleInsider reads.
While burdened with a high price point and a “limited audience outside of developers,” Wedbush is “surprised at the early mass market appeal Vision Pro is sparking.” The initial 600 available apps made for visionOS is a “jaw dropper” and “well above expectations.”
“We believe Apple Vision Pro is a potential game changer over the coming years and Cupertino has found clear success with this next generation form factor surpassing by a wide margin original Street expectations,” analysts write.
This is “just the start for Vision Pro,” the note continues, with industry checks leading to the belief that the second-generation model could be below $2,000, and maybe involving three model releases, as “Apple looks to push more aggressively towards its golden installed base.”
The speculation of future models in the note takes the form of the often-claimed smartglasses, with “form factors that look like sunglasses” expected in the coming years. As for the Apple Vision Pro, sales are forecast to reach over 1 million units for 2025.
An AI agenda
The Apple Vision Pro is also “the first step to Apple pushing into AI and eventually a separate AI App Store,” Wedbush feels, with Apple anticipated to internally discuss at WWDC. Apple CEO Tim Cook’s comments on AI were picked up by the analysts, along with plans for announcements later in 2024.
“We also believe Apple will incorporate generative AI into iPhone 16 and this will mark the start of a new frontier of growth for the golden installed base of Cupertino,” the note continues.
The ultimate goal for Apple is for the Vision Pro to work alongside the iPhone and other Apple devices in the coming years, “with many consumer AI use cases set to explode across health, fitness, sports content, and autonomous.”
Observing other Wall Street commentators as “dismissing Vision Pro as noise,” Wedbush strongly disagrees, believing it is the “first step towards a much broader technology vision that Cook & Co. plan to push to its installed base over the coming years.”
A “renaissance of growth” is predicted for Apple over the next 12 to 18 months, with the company remaining “a table pounder tech stock to own.”
Wedbush maintains its “Outperform” rating of Apple, and a $250 price target.
This story originally appeared on Appleinsider
