Apple Inc. (NASDAQ:AAPL) will host the much-anticipated special event in San Francisco today where the spotlight will be on the probable iPad launch. Analyst Brian J. White at Cantor Fitxgerald noted that this will be the most important upgrade from Apple for its iPads since the launch of the first iPad in 2010.

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Apple iPad 5 to be more portable

Apple fans are eagerly awaiting the refurbished iPad 5 and updated iPad mini 2. Both the launches will give some support to iPad sales cycles, which are in reverse swing, and reached negative in the third quarter of 2013 for the first time, according to analysts.

Analysts noted that the full sized iPad 5 will be one of the most important iPad versions since the original iPad.  During a trip to China and Taiwan, analysts had an opportunity to look into the changes that could be added to the iPad 5. The common belief is that Apple Inc. (NASDAQ:AAPL) will trim the iPad to 15 inches, compared to its predecessor, along with making it 20-30% lighter. Width of the iPad 5 will also probably be squeezed by 7%-10%, compared to the iPad 4, making the device more portable than the previous ones. Analysts expect the iPad 5 to be launched in new colors that includes space gray, gold, and silver, similar to the iPhone 5S.

iPad mini to have modest upgrades

Apple Inc. (NASDAQ:AAPL) can bring in some marginal changes in the iPad mini, a product that saw remarkable response since its launch in November 2012, and has been a significant contributor to the iPad franchise. Analysts noted that the iPad mini 2 will be similar to the original iPad mini with slight changes like a faster application processor with an A6X chip compared to the dual core A5 of the first iPad mini and new colors (like space gray, gold and silver), an upgraded camera, and more.

Some sources believe that Apple Inc. (NASDAQ:AAPL) will launch a retina display iPad mini 2 this week, while others are of the belief that the retina display iPad will be launched in the first quarter of 2014. Analysts believe that retina display iPad mini 2 has little possibility of being released now, but if launched it will be a pleasant surprise which can take Apple’s stock valuation up. Cantor Fitxgerald analysts have not included this possibility in the valuation, as of now.

Along with these two major announcements, market watchers and Apple Inc. (NASDAQ:AAPL) fans can also expect an updated MacBook Pro along with OS X Mavericks.