Apple (NASDAQ:AAPL) unveiled new versions of its iPad Air and iPad Pro tablets on Thursday. The iPhone maker’s CEO Tim Cook described this as the biggest day for the iPad since its debut. The new iPad models are the company’s first new models since October 2022 – the longest gap since the iPad launched in 2011.
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Interestingly, the iPad’s share of AAPL’s revenues has shrunk to 6.1% in the Fiscal second quarter from 7% in the same quarter last year.
Details of AAPL’s iPad Pro
The new iPad Pro will come in two sizes, 11-inch and 13-inch, and is the thinnest yet at 5.1mm. The starting prices are $999 for the 11-inch iPad Pro and $1,299 for the 13-inch with 256GB storage. These tablets will be paired with the Magic Keyboard case, offering a laptop-like experience.
The new iPad Pros will use a new Apple chip called the M4, an update from the M3 chips used in Apple’s laptops. Apple added that the M4 chip was an “outrageously powerful chip for AI.” The tech giant noted that the iPad Pro could be useful for professional video producers and has introduced a Final Cut Camera, an app to control multiple iPhone cameras.
Details of Apple’s iPad Air
Apple will offer iPad Air in two sizes 11-inch and 13-inch, and both will be powered by the M2 chip. The 11-inch model will start at $599 with a storage capacity of 128GB, while the 13-inch model will start at $799. Moreover, the company has reduced the entry-level iPad price to $349 from $429.
Both the new tablets are likely to be on sale from next week.
Is Apple a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about AAPL stock, with a Moderate Buy consensus rating based on 19 Buys, 12 Holds, and one Sell. Over the past year, AAPL has increased by more than 5%, and the average AAPL price target of $204.38 implies an upside potential of 12.1% from current levels.
