Apple on Tuesday, announced the addition of a higher capacity iPad 4 with Retina display to its product family. On Monday, we hinted at the possibility of Apple Inc. (NASDAQ:AAPL) unveiling such device. The new device features 128GB of storage, a 9.7-inch Retina display, A6X chip, FaceTime HD camera, and LTE connectivity. Priced at $799 for the Wi-Fi model and $929 for the Wi-Fi + Cellular model, the devices will be available in black or white starting Tuesday, February 5.
The new iPads offer twice the storage capacity of the 64GB models and target enterprises, educators and artists. While analysts from Goldman Sachs believe this represents a relatively minor change, and that it could add some momentum to Apple Inc. (NASDAQ:AAPL)’s efforts to displace traditional PCs in the enterprise longer term.
Indeed, Apple Inc. (NASDAQ:AAPL) noted that virtually all of the Fortune 500 and over 85% of the Global 500 are currently deploying or testing the iPad. This penetration is supported by a recent report of Goldman Sachs, which shows that tablets are gaining momentum in office environments. The report also included a survey of corporate purchasing managers, and 57% of the respondents noted that their white collar workforce uses the iPad, up from 52% in 2011 and 25% in 2010.
Analysts believe today’s announcement, coupled with the introduction of iPad 4 and the iPad mini in October, suggests that Apple Inc. (NASDAQ:AAPL) continues to build out its product offerings to address the rapid growth of the tablet market. As a result of the announcement, Goldman Sachs modestly raised its iPad estimates. The research firm is now looking for units of 84.8 million units in FY2013, from 83.6 million previously. For FY2014, the firm is looking for units of 109.4 million versus 107.0 million previously. And for FY2015, it is looking for units of 139.4 million units versus 137.7 million previously. Analysts from Goldman have also adjusted their segment forecasts and presentation to better align with Apple Inc. (NASDAQ:AAPL)’s new reporting structure. Their unit forecasts for iPhone, Mac and iPod remain unchanged.
Overall, analysts’ full year estimates move up modestly. For FY2013, they are forecasting revenues and EPS of $183.36 billion and $44.80, from $182.98 billion and $44.70 previously. For FY2014, analysts raised their forecast to $216.33 billion and $52.22 from $215.85 billion and $52.10. In FY2015, analysts from the firm are now looking for revenues and EPS of $246.20 billion and $60.75, up from $245.74 billion and $60.68.
Shares of Apple Inc. (NASDAQ:AAPL) closed at $458.27 on Tuesday, January 29.
