Apple (NASDAQ:AAPL) is likely to introduce its new iPad Pro and iPad Air as soon as May. The much-anticipated product launch will come just ahead of Apple’s Worldwide Developers Conference (WWDC) in June.
End to a Long Wait
As the much-awaited moment draws near, Bloomberg reports that the tech giant’s suppliers have already ramped up production of the devices. For Apple’s devout customers, the introduction of the revamped iPads marks the end of a nearly 18-month drought of major new releases from the company. The iPads are expected to boast features such as new OLED displays for the Pro model and an option for a 12.9-inch screen for the Air model.
Revamped iPads Unleashed
The long wait for new iPad models has resulted in sluggish tablet sales for Apple in recent times. Consequently, the company will likely look to the revamped versions to boost demand. Additionally, Apple is introducing more processing power to the new versions. The Pro models will feature a new M3 chip. Similarly, the iPad Air is also receiving an upgrade with a new processor, moving from its last version’s M1 chip to the latest technology.
What to Expect in June
Importantly, the product launches are scheduled just before Apple’s highly anticipated annual Worldwide Developers Conference. This event is slated for June 10. The iPhone maker is widely expected to unveil its AI strategy as well as software updates for its range of products at the event.
Is Apple a Buy, Sell, or a Hold?
Apple’s share price has corrected by nearly 11% year-to-date. The Street has a cautiously optimistic stance on the stock with a Moderate Buy consensus rating. Furthermore, the average AAPL price target of $203.40 points to an 18.6% potential upside in the company’s share price.
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