03:03 PM EDT, 09/10/2024 (MT Newswires) -- Apple's ( AAPL ) Glowtime event on Monday showcased impressive updates to the Apple Watch and AirPods, outshining the "incremental" updates to the iPhone 16 series, Oppenheimer said in a note emailed Tuesday.

"We came away more impressed with meaningful upgrades coming to accessories than iPhones this year. Both Apple Watch and AirPods are getting hardware redesigns that dramatically improve user experience and set even higher bars for the wearable industry," Oppenheimer said.

In contrast, the iPhone 16 series features more incremental upgrades, with the benefits of the A18 and A18 Pro processors not fully realized until Apple Intelligence is launched later, the note said.

"Our view on upcoming iPhone cycle has not changed, we expect the replacement and upgrade cycle to accelerate more meaningfully in [2025], when Apple Intelligence is fully rolled out globally," Oppenheimer said.

Apple Intelligence will launch next month in the US, expand to English-speaking regions later this year, and add support for languages like Chinese, French, Japanese, and Spanish next year.

Oppenheimer has an outperform rating on Apple ( AAPL ) with a price target of $250.

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