Good news from tech giant Apple (AAPL) for anyone who loves the tablets. There is one nice win about the iPad Air, which is getting a processor upgrade. But the base model iPad is also getting some improvements as well. Despite this, investors did not seem happy, and sent shares down fractionally in Tuesday afternoon’s trading.
One upgrade was certainly welcome. The iPad Air tablet will now boast an M3 chip, a step up from the previous M2 chip. There will also be a new Magic Keyboard upgrade, complete with a slate of new function buttons.
That by itself is certainly welcome, but it is the upgrades to the base model iPad that are catching attention. The new iPad comes with an improved chip as well as more storage. That will undoubtedly prove welcome to anyone who is getting tired of relying on SD cards and the like. The base model iPad now boasts 128 gigabytes of storage, a significant step up. Meanwhile, the chip is upgraded from an A14 to an A16. While those hoping for Apple Intelligence will be disappointed, the extra value for the same price of $349 should be sufficient.
Waiting for Siri
Not all the news, however, was good. In fact, some are expecting Apple’s next World Wide Developers’ Conference (WWDC) event to be lacking on news of Siri improvements. Apple fans have been looking for an upgraded Siri with a better connection to artificial intelligence (AI) systems for some time now, but those improvements may wind up delayed once more.
There remains no firm date for Siri’s upgrade, and reports suggest that is because even Apple proper is not sure when that will happen. The arrival of iOS 19 is still expected at the 2025 WWDC event, but there is a good chance that the software will not actually appear on users’ devices until 2026. While the new Siri is expected to be a match for Alphabet’s (GOOGL) Gemini, the product itself may not appear in a timely fashion.
Is Apple a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 18 Buys, 11 Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 40.53% rally in its share price over the past year, the average AAPL price target of $250.48 per share implies 5.84% upside potential.
