Apple Inc (NASDAQ:AAPL) announced it will hold an event on Oct. 13 at its Apple Park in California.
What Happened: Apple announced its October event with the tagline “Hi, Speed.” The event takes place less than one month after a September event unveiled an upgrade to iPads, the Apple Watch and the introduction of Apple Fitness+.
Why It’s Important: Apple is expected to unveil a new line of four iPhone 12 devices with a focus on 5G connectivity.
9to5 Mac also suggested the circular rings in the event photo resemble the Siri interface. The site suggests the event could unveil AirPods studio over ear headphones, AirTag item trackers, a new AppleTv and a Siri remote.
The differentiating factor in the four models is expected to be the camera. All four phones are expected to have OLED displays and 5G connectivity.
What’s Next: New data from SellCell suggests there is a 63% increase in iPhone trade-ins. This is the first time that figure has gone above 60% since 2014 when the iPhone 6 was launched.
Wedbush analyst Daniel Ives sees the iPhone 12 as a “once in a decade” launch for the company.
“Across the board we are seeing an uptick around production and pent up demand for the slate of iPhone 12 models set to be unveiled next week in this launch event,” Ives wrote in a Tuesday note.
Ives sees this as an “unprecedented upgrade cycle” and has a bull case price target of $175 for Apple. His estimate for iPhone 12 devices sold has risen from the 65-70 million range up to 75 million or more.
AAPL Price Action: Apple shares are down 1% to $115.30 on Tuesday. The stock is up 59% in 2020.