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On May 7, 2024, Apple Inc. (NASDAQ:AAPL) announced the launch of its latest iPad models: the iPad Pro equipped with the powerful M4 chip and OLED displays, and the iPad Air now featuring the M2 chip.
These introductions mark the first update to the iPad lineup since October 2022, signaling a significant step in Apple’s product evolution, and are expected to improve the revenue mix and drive growth going forward, according to Goldman Sachs.
Goldman Sachs equity analyst Michael Ng highlighted several critical aspects of the new iPad releases that investors should note:
Goldman Sachs has reiterated a Buy rating on Apple with a 12-month target price of $226, implying a potential 25% increase from current levels.
According to Ng, while the market is concerned about slower product revenue growth, “the strength of Apple’s ecosystem and the visibility of its revenue streams should offset these worries.”
Factors like Apple’s growing installed base, the secular growth in services, and continuous product innovation are expected to balance out the cyclical challenges in product revenue, including the longer iPhone replacement cycle and softer demand in the PC and tablet markets.
Below is a comprehensive look at the new models, their specifications, and pricing:
Model | Display Size (in) | Other specs | Release Date | Storage (GB) | Launch Price (USD) |
---|---|---|---|---|---|
iPad Pro (7th-gen, WiFi only) | |||||
12.9 | 5/15/2024 | 256 | $1,299 | ||
12.9 | 5/15/2024 | 512 | $1,499 | ||
12.9 | 5/15/2024 | 1000 | $1,899 | ||
12.9 | 5/15/2024 | 2000 | $2,299 | ||
12.9 | Nano-texture glass | 5/15/2024 | 1000 | $1,999 | |
12.9 | Nano-texture glass | 5/15/2024 | 2000 | $2,399 | |
iPad Pro (7th-gen, WiFi + Cellular) | |||||
12.9 | 5/15/2024 | 256 | $1,499 | ||
12.9 | 5/15/2024 | 512 | $1,699 | ||
12.9 | 5/15/2024 | 1000 | $2,099 | ||
12.9 | 5/15/2024 | 2000 | $2,499 | ||
12.9 | Nano-texture glass | 5/15/2024 | 1000 | $2,199 | |
12.9 | Nano-texture glass | 5/15/2024 | 2000 | $2,599 | |
iPad Air (WiFi only) | |||||
10.9 | 5/15/2024 | $599 | |||
10.9 | 5/15/2024 | $699 | |||
10.9 | 5/15/2024 | $899 | |||
10.9 | 5/15/2024 | $1,099 | |||
iPad Air (WiFi + Cellular) | |||||
10.9 | 5/15/2024 | $749 | |||
10.9 | 5/15/2024 | $849 | |||
10.9 | 5/15/2024 | $1,049 | |||
10.9 | 5/15/2024 | $1,249 | |||
iPad Air (larger model, WiFi only) | |||||
12.9 | 5/15/2024 | $799 | |||
12.9 | 5/15/2024 | $899 | |||
12.9 | 5/15/2024 | $1,099 | |||
12.9 | 5/15/2024 | $1,299 | |||
iPad Air (larger model, WiFi + Cellular) | |||||
12.9 | 5/15/2024 | $949 | |||
12.9 | 5/15/2024 | $1,049 | |||
12.9 | 5/15/2024 | $1,249 | |||
12.9 | 5/15/2024 | $1,449 |
Photo: Shutterstock
Posted In: AAPL