Apple CEO Tim Cook shows an iPhone 7 to performer Maddie Ziegler at Wednesday event. Marcio Jose Sanchez/AP Apple didn't give Wall Street analysts many surprises at its iPhone 7 and 7 Plus launch on Wednesday.

The phones' features, particularly the removal of the traditional earphone jack in place of wireless AirPods, had been leaked and widely covered before the unveiling.

Apple also launched the Apple Watch Series 2, which includes built-in GPS and faster processors.

Still, several analysts who cover the company had various explanations for why there could be strong demand for upgrades and for why users won't wait for the iPhone 8 next year, which is expected to get a design overhaul.

Here's some of the commentary: