Apple Impresses Analysts with Tuesday’s iPad Event
Apple (NASDAQ:AAPL) held its highly anticipated iPad launch event in San Francisco Tuesday, and helped elucidate why the occasion’s invitations simply stated, “We still have a lot to cover.” The tech giant stayed true to its word and unveiled a handful of new Apple products at the October 22 event, leaving few if any, consumers, investors, and analysts disappointed.
Cantor Fitzgerald’s Brian White was one analyst lucky enough to attend the special event, and he maintained the firm’s price target of $777 in his note to investors at the end of the day. White came away from the event, confirming that Apple’s iPad refresh was its most significant since the orginal iPad went on sale in April 2010, just like he previously forecasted, and the analyst maintained his prediction that this will be a major upgrade cycle for the Apple tablet.
White was impressed with the next-generation iPad 5, the iPad Air, and even explained, “We believe this new iPad is worth this name change.” He detailed that the 7.5-mm tablet is 43 percent thinner than its predecessor, and it is even leaner than the firm’s estimate of 8.0 mm. The analyst was also impressed by the iPad Air’s weight of only 1 pound, and confirmed his expectations of the device coming with the new A7 processor, similar to that powering the popular iPhone 5S.