Amit Daryanani, CFA of RBC is out with a new report on Apple Inc. (NASDAQ:AAPL) regarding the June 10 WWDC event. Amit believes investor expectations around major product launches are appropriately tempered. He thinks the focus on WWDC will be on iOS7 launch, Apple Inc. (NADAQ:AAPL) likely update to iCloud, launch of streaming service (iRadio) and possible refresh of certain Mac product lines.

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Apple Inc (AAPL)’s WWDC 2013 Key Points:

iOS 7 Launch: Look for Apple Inc. (NASDAQ:AAPL) to overhaul iOS7 with an updated design overseen by Jony Ive. Notably, as it has been widely reported, the new iOS will have flatter icons and will move away from skew morphism (digital interfaces that replicate the physical look). In addition, RBC expects enhancements to maps, iCloud and Siri, potentially enabling developers to leverage these offerings. With regards to iCloud,  look for better management and transparency for users to see what they have stored in the cloud (specially via a mobile device). Overall, while RBC expects an aesthetic and visual overhaul of the UI (user interface), but don’t expect this to be a material EPS driver.

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iRadio – Streaming Music Service: This could be one of the more exciting launches at WWDC, as it would launch Apple Inc. (NASDAQ:AAPL) into the streaming music industry and enable the company to leverage its “iAD” product to offer free (and premium) streaming radio service. While recent industry articles suggest Apple Inc. (NASDAQ:AAPL) is facing delays due to contract negotiations with content providers, this launch could be one of the more interesting launches at WWDC. A successful streaming service would bring back the stickiness that Apple Inc. (NASDAQ:AAPL)’s ecosystem has lost given the launch of multiple third-party streaming music services.

Hardware Products: Historically, WWDC has focused on software; however, given that the MacBook line has not yet been refreshed RBC would not be surprised to see a new MacBook Air (MBA) and MacBook Pro refresh.Both the MBA and MacBook Pro are key product lines for the company from a consumer standpoint and both are due for a product cycle refresh.

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Hardware Focus in 2H:13: Beyond WWDC  RBC believes the focus remains on product innovation and expect multiple product lines to be refreshed in 2H:13. In particular, RBC would not be surprised to see 1) Retina display iPad Mini; 2) iPad 10″ refresh; 3) iPhone Mini product line; 4) iPhone 5s; and 5) the release of one additional new hardware product line, likely an iTV or iWatch. This continues to be the main drag on the company’s stock as investors are eagerly awaiting new products and innovation from the tech giant.