Wedbush analyst says April event will unveil new iPad, iPad mini, iPad Pro

Could Apple refresh most of the iPad lineup at its 'Spring loaded' event?

What you need to know

• Apple is holding its 'Spring loaded' event on Tuesday, April 20.
• Wedbush analyst Daniel Ives believes the company will unveil a new iPad, iPad mini, and iPad Pro.

We could be in for more iPads than just the iPad Pro at Apple's 'Spring Loaded' event on Tuesday.

As reported by Philip Elmer-DeWitt at Apple 3.0, Wedbush analyst Daniel Ives has released a new investor note ahead of Apple's 'Spring Loaded' event on Tuesday, April 20th. Ives says that, in addition to the expected refresh to the iPad Pro, Apple will also announce a new iPad and iPad mini.

Apple will be hosting its first virtual product launch of 2021 this Tuesday which will kick off another major product refresh year for Cupertino. For this product launch the main focus of the event will be iPad refreshes for iPad Pro, iPad mini, and the low-cost iPad…

Ives goes on to say that now would be a perfect time for Apple to refresh the vast majority of its iPad lineup, as more than half of iPad customers have held off on upgrading their device for the last year.

Taking a step back, in this WFH environment Apple has seen a major renaissance of growth from its iPad growth showing 40%+ YoY growth the last few quarters as more employees/students went through an iPad refresh. We estimate only ~40% of iPad users have gone through a refresh the last year with some clear pent-up demand that these new iPads will unleash in the next few quarters thus giving Apple another product tailwind… (emphasis his)

We believe Apple is heading into a robust period of growth led by its Services business, which saw considerable strength again in the March quarter based on our analysis. The services business we assign a $1.3 trillion dollar valuation range on a SOTP basis given the increasingly importance of this key revenue stream that is getting a new appreciation by investors as Cupertino further monetize its golden jewel installed base. While chip shortages linger, we believe Apple has a yellow brick road of growth ahead led by its iPhone supercycle and new product launches across its entire hardware ecosystem.

In addition to new iPads, Apple is expected to unveil the long-rumored AirTags. Other potential product releases include new iMacs and new AirPods. With an event called 'Spring Loaded,' the rumor mill is flying about how much we could see announced on Tuesday.

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