Apple Inc. (NASDAQ:AAPL) unveiled iPad Air during its much awaited launch event, and the new version surpassed the analysts’ expectations in every way. Apple stated that to date a total of 170 million iPads have been sold, and the new launch will create a “major upgrade cycle,” according to analyst Brian J White from Cantor Fitxgerald. Earlier, the analyst said that this iPad could be the most important upgrade since its first launch in April 2010, and “we were not disappointed. In fact, Apple surprised us on the upside.”Apple

Apple iPad Air justifies the new name

Apple Inc. (NASDAQ:AAPL) changed the iPad’s name by adding a suffix ‘Air,’ which according to analysts is pretty much complementing the aesthetics of the new iPad, which is 43% thinner (7.5mm) than iPad 4 (9.4 mm) while analysts expected it to be 8.0 mm. The new gadget from Apple is as light as 1 pound and 28% less in weight when compared to iPad 4. iPad Air is sitting on a new A7 application processor.

The new gadget will come in silver and grey, and will be available in the market from November 1 for the Wi-Fi version and cellular. China has been entered into the first list for the first time, and will get iPad Air along with other countries. The price for 16GB will remain the same as the iPad 4 at $499 for 16GB Wi-Fi, and $629 with cellular.

iPad mini price raised

Retina Display is the new feature embellishing iPad mini, but shipment of the iPad Mini will start after iPad Air, probably towards the end of November. Delay in iPad Mini supply can be due to display yield issues in the supply chain. iPad Mini will also run on new A7 processors. Price will be $399 for 16GB Wi-Fi (versus $329 for the first iPad mini) and the cellular version will start from $529 compared to $459 previously. The older iPad mini will just be available for $299, which is a drop of $30 from previous price.

Apple Inc. (NASDAQ:AAPL) has been assigned a Buy rating with a price target of $777. Analysts used an S&P 500 P/E multiple for the valuation (prior to cash add back), which is below the company’s historical P/E of 19x.