Here's what major analysts think of Apple's stock after announcements on new software and chips

Tim Cook, chief executive officer of Apple, in Sun Valley, Idaho, United States, on July 12, 2019.

Patrick T. Fallon | Bloomberg | Getty Images

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Apple’s announcements from the WWDC conference — from its new software to a shift to in-house chips — are garnering praise from Wall Street analysts, many of which hiked their forecast for the tech giant’s stock.

During the remote event on Monday, Apple introduced new software for its iPhones, iPads, Macs, Apple TV and Apple Watch on Monday. It also announced future Macs will use chips made by Apple instead of Intel, a move that will enable the company to offer faster performance on its laptops and desktops.

UBS said it’s bullish on Apple’s transition to its own chips, calling it “a continuation of its strategy of vertical integration following years of convergence” in its mobile and Macs. The bank increased it 12- month price target to $400 from $325, representing a near 12% upside from here.