Introducing...Apple's iAnywhere 'Cornucopia'

• Shares of Apple, Inc. AAPL have declined 13.36 percent over the past six months.
• JP Morgan’s Rod Hall has maintained an Overweight rating and price target of $145 on the company,
• Apple provided several product updates, which Hall expects would add 3.1 percent to the current CY16 EPS estimate.

Hall believes that the new “iPhone payment program may also convert the iPhone to a recurring revenue stream,” while expecting the stock to offer a dividend yield of 2 percent in CY16 if the current rate of buybacks continue.

“We find this value proposition attractive for investors even with current macro uncertainty given Apple’s franchise quality,” Hall stated.

The company announced the launch of its new 12.9 inch iPad Pro, which is expected to be accretive by more than 0.6 percent to the CY16 EPS, “including Mac cannibalization.” The Apple Pencil and Smart Keyboard were also introduced for the iPad Pro. These accessories are estimated to add 0.7 percent to the CY16 EPS.

Hall believes that the “next gen iPad Airs will also work with these accessories,” which is expected to be launched in Fall 2015.

Also, the company introduced new hardware for the Apple TV, along with the Apple TV App Store, which Hall estimates would add 0.8 percent and 0.9 percent to the CY16 EPS estimate, respectively.

With regard to the new iPHone 6s and 6s Plus, with the new A9 chip, the availability of which on September 25 is likely to drive unit volume into the December quarter and boost year on year growth.

Apple also announced its new iPhone Upgrade program, through which consumers can buy new phones on an installment plan that includes Apple Care and annual upgrades.