Apple Inc. (AAPL) is set to host another high-profile event on Oct 16, at its campus in Cupertino. It is highly anticipated that Apple will launch thinner and more powerful iPads during the event. Investors and Apple enthusiasts will also be eagerly awaiting an update on iMac and Apple TV.
Apple is most likely to launch an updated version of iPad Mini with retina display. Although it is rumored that Apple has delayed production of its 12.9-inch screen iPad, we expect the company to provide some details over the device.
We also expect the company to clear the air on Apple Pay, its mobile payment system that is expected to start operating on retailers like Walgreen from Oct 18. Apple Pay will allow iPhone 6 and 6 plus users to pay bills through Apple’s Touch ID application at any wireless pay terminal.
Apart from tablets and Apple Pay, the company is also expected to unveil an updated version of iMac. Reportedly, Apple plans to add “retina display” to its personal computers for the first time. Moreover, Apple is expected to launch the consumer version of OS X Yosemite, the beta version of which had been released at Worldwide Developers Conference (WWDC) in Jun 2014. This update will be made available to users for free.
Of late, tablets have been experiencing a slowdown in their demand especially with the advent of large-screen smartphones. Apple’s iPads have also witnessed a drop in its sales in the last two consecutive quarters. Apple will join companies like Toshiba and Microsoft (MSFT) with the launch of a bigger iPad.
We believe that the new large-screen device will be more suitable for enterprises, given its screen size. In this context, Apple’s partnership with IBM (IBM) to develop enterprise-centric apps will be a major growth driver, going forward.
We believe that a successful Oct 16 event will not only unveil Apple’s future product pipeline but also reaffirm its position as the leading innovator. Apple Pay is expected to be a befitting reply to rival Google’s (GOOGL) Wallet, wireless carrier-backed Isis and eBay’s (EBAY) PayPal.
Moreover, a resurgent personal computer market also bodes well for Apple’s Mac, in our view.
Currently, Apple has a Zacks Rank #2 (Buy).
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