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Wall Street Reacts To Apple's New MacBooks, iPad Pro

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Wall Street Reacts To Apple's New MacBooks, iPad Pro
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Apple, Inc. (NASDAQ: AAPL) held a product event on Tuesday at which it unveiled its new iPad Pro, MacBook Air and Mac Mini. Several analysts have weighed in on Apple’s new products.

Rising Prices

Nomura analyst Jeffrey Kvaal said Apple is using the same iPhone playbook that has worked so well in the past.

“Apple took a page from its recent iPhone strategy by materially raising prices for its expected new MacBook Air, Mac Mini and iPad Pro,” Kvaal wrote.

Jefferies analyst Timothy O’Shea said he didn’t see anything from Apple that will have a meaningful impact on his bullish thesis.

“Alongside Services and Wearables, we believe rising ASPs are one of three key revenue drivers of AAPL's global business,” O’Shea wrote.

Compelling Features

D.A. Davidson analyst Tom Forte said Apple did an excellent job choosing compelling features to add to its new products.

“In particular, we see the addition of Face ID coupled with its efforts to maximize the screen size on the device while minimizing the borders as features consumers will appreciate that will drive unit sales,” Forte wrote.

Rosenblatt Securities analyst Jun Zhang said the fully upgraded iPad design should create a strong product cycle.

“We expect iPad Pro shipments to offset some of the weakness seen in iPhones in C4Q,” Zhang wrote.

Loup Ventures' Gene Munster said there weren’t any major surprises.

“We estimate that the products announced today account for about 8% of Apple’s total revenue in FY18 and we expect a similar percentage in FY19,” Munster wrote.

Ratings And Price Targets

  • Nomura has a Neutral rating and $215 target.
  • D.A. Davidson has a Buy rating and $265 target.
  • Jefferies has a Buy rating and $265 target.
  • Rosenblatt has a Buy rating and $200 target.

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Latest Ratings for AAPL

DateFirmActionFromTo
Nov 2018UBSMaintainsBuyBuy
Nov 2018GuggenheimDowngradesBuyNeutral
Nov 2018Morgan StanleyMaintainsOverweightOverweight

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