Apple Inc. (AAPL) Knows Its Hardware Era Is Over: Argus Research

In a research note issued today, Argus Research shed light on how Apple Inc. (NASDAQ: AAPL) is transforming from a hardware enterprise to a software- and services-focused business. The sell-side firm reiterated its Buy rating on AAPL stock, with a 135 price objective. AAPL stock rose 0.74% to trade 98.18, just before 10 AM EDT. Apple hosted its Worldwide Developers Conference (WWDC) on June 13, and used the forum to announce new capabilities for Siri, features for Apple Watch, and integration of third-party apps into iOS. No new hardware was introduced, and the tech giant did not address rumors of a second-source vendor--Intel--as a baseband supplier for the iPhone.