The confidentiality of Apple services is praised, but the lack of details on the new offers baffles analysts

More and more badysts have issued a judgment on the new services launched by Apple during the event "It's show time", Macquarie and UBS highlighting the relative lack of surprises in relation to this which had been speculated before the event.

In the investor notes seen by AppleInsiderUBS and Macquarie offer the opinion that Apple is trying to grow its revenue through its Services business. For Macquarie, sharing the family between services "highlights Apple's efforts for everyone to find themselves in the same ecosystem," while UBS believes the event "represents a key step in monetizing its extensive consumer relationships. "

Apple TV + was the highlight of the event, as UBS was waiting for it, but the lack of price information "made it a little uninteresting". The quality of the content will be the key to its success, but a fall launch suggests to badysts that this is not the case. completely ready for consumption.

"The execution and pricing structure for Apple TV + are key issues," suggests UBS, pointing out that Apple Music had more than 50 million subscribers in 3.5 years, while Netflix was recording a growth of 6 million a year just for the last six years. "The problem is that good content can really be monetized and we think there is definitely room for the Apple table," badysts said.

Macquarie estimated that Apple TV + was "as expected", but that if Apple had between 10 and 40 million subscribers, Apple TV + would account for between 2% and 11% of revenue in fiscal year 2021, on the rate base is between US $ 9.99 and US $ 14.99. month.

Apple News + has also not surprised the two groups of badysts, although UBS considers that the magazine subscription is "more interesting" than the video at the moment. For Macquarie, Apple News + could account for between 2% and 5% of revenue for the whole year 2021 if 10 to 25 million people were subscribers.

UBS offered little explanation about Apple Arcade, if it was "somewhat surprising" and "could attract new customers." Macquarie estimates that it will contribute between 1% and 2% of revenue from 2021 on a subscriber base of 5 million to 10 million users and a subscription of $ 9.99.

Apple Card, which is entering the credit card market, could allow Apple Pay and Apple to be more part of the daily lives of consumers and increase the rigidity of the ecosystem ", said UBS, although "it does not necessarily make a significant contribution to revenue. "

David Konrad, badyst at Goldman Sachs at Macquarie, says that while both brands are strong and Apple Card is certainly competitive, "we have seen similar products on the market and may not be different enough to win a share. significant market in a highly competitive environment. "Although this is interesting, Apple Card will not significantly contribute to Apple for the" next few years ", according to Macquarie.

In its note, Macquarie also highlights how Apple continues to preserve the privacy of its customers, with a "step back from advertising." Analysts have certainly noticed the applause in the sections announcing the lack of advertising for the video, the confidentiality of Apple Card data and the inability of advertisers to follow the readers of Apple News.

The UBS and Macquarie ratings follow the same recommendations to JP Morgan and Cowen investors, suggesting that Apple could have gone further by providing details on its upcoming Apple TV + service.

For its evaluation, UBS places Apple at a target price of $ 215. Macquarie, however, reiterates its "neutral" position on the title with no change in earnings or its target price of $ 149 over 12 months, well below the level where it ended at the close of business after the event Monday.