Apple (AAPL) is unlikely to see the World Wide Developer Conference act as a "positive catalyst" for the shares, with UBS Securities saying the event is expected to focus mainly on software updates and artificial intelligence ahead of the June 8 keynote.

The analyst said Tuesday in a note that investors will focus on AI updates which include expected Gemini integration in Siri, broader support for third-party AI models, and a dedicated Siri app. UBS noted that some of these features may initially launch in beta.

The investment firm also highlighted additional expected updates which include iCloud-based chat syncing, improved personalization, and on-screen awareness features. The firm said these are unlikely to significantly boost near-term iPhone demand.

UBS added that other software upgrades, including improvements to the Camera and Wallet apps, are expected to enhance user experience. However, they are unlikely to materially affect hardware sales or near-term revenue trends.

UBS has a neutral rating on the stock with a price target of $296.

Shares of Apple were down 1% in Wednesday trading.

Price: 311.95, Change: -3.25, Percent Change: -1.03