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iPhone SE, Smaller iPad Pro Highlight Apple's March Event

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iPhone SE, Smaller iPad Pro Highlight Apple's March Event

Apple Inc. (NASDAQ: AAPL) sharply sold off as its Spring event went largely as expected.

The iPhone SE was the big release traders and consumers were anticipating. The 16GB version will start at $399 and the company will begin taking orders on March 24 (expected to ship a week later).

The 4-inch phone will have a 64-bit Apple A9 processor together with the embedded M9 motion co-processor, the same as the iPhone 6S. "Compared to the iPhone 5S that precedes the new SE at the 4-inch size, Apple's new smartphone has faster LTE, faster Wi-Fi (802.11ac), better battery life, new microphones, and the significant addition of Apple Pay support," according to The Verge.

The company noted that many people, especially in China, begin their iPhone experience with smaller phones.

Related Link: How Has Apple Stock Historically Traded Following March Product Events?

Apple then introduced a new iPad Pro, which at 9.7 inches is smaller than the original and weighs less than one pound.

The iPad Pro 32GB model will cost $599, while a 128GB version will be available for $749 and the 256GB top of the line for $899. All of those prices are for Wi-Fi-only models; LTE options generally cost $130 more, The Verges notes.

Global Equities Research’s Trip Chowdhry told Benzinga the company introduced strong product announcements. "Apple's Aspirational Brand becomes more accessible with Lower Priced iPhone and Apple Watch," he said.

In a mid-day note, Piper Jaffray analyst Gene Munster said the announcements were in-line with expectations, except for a lower price of the iPhone SE vs. $450 estimates. He thinks iPhone SE will be largely neutral to the stock's model.

Munster also views March announcements as incremental and expects bigger announcements at September events.

The stock traded recently at $105.74, down a few cents on the day.

Latest Ratings for AAPL

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Aug 2020WedbushMaintainsOutperform
Aug 2020Wells FargoMaintainsOverweight
Aug 2020B of A SecuritiesDowngradesBuyNeutral

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