Munster reiterates price target as Apple unveils new products
- Apple unveiled a new MacBook Pro and the next gen AirPods on Monday.
- Gene Munster discusses the new products on CNBC's "The Exchange".
- Shares of the American multinational are up nearly 2.0% today.
Shares of Apple Inc (NASDAQ: AAPL) are up nearly 2.0% on Monday after the tech titan unveiled a bunch of new products ahead of the holiday season.
A new MacBook Pro with a faster processor
Apple revealed a new MacBook Pro and the next-generation AirPods in its hardware event this morning. The new laptop will come with a faster M1 Pro or M1 Max processor and be available in two different sizes; 14-inch and 16-inch.
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The launch of the new MacBook Pro, as per Loup Ventures’ Gene Munster, could see Apple’s Mac business grow nearly 10% next year. On CNBC’s “The Exchange”, he said:
The Mac business has historically been a flat business. Before the pandemic, for years, it’d be up a few percent, down a few percent. I think shares moved higher today because investors are now getting more confident that next year could be an up year for the Mac.
Apple already introduced the iPhone 13 and the Apple Watch Series 7 last month. It also unveiled new colours for the HomePod mini on Monday.
Munster’s remarks on Apple’s new AirPods
Apple raised the price for its new AirPods that now support spatial audio and wireless charging by 13%, which Munster sees as a sign that Apple has “pricing leverage”.
While the new AirPods did not come with the health features that Apple was rumoured to be working on, Munster said the gadget will get there eventually.
Whether it’s the health markers or something as simple as posture, it’s a great example of taking an entry point around music and really expand it into what is a hearable category. I think there’s still a lot more they can do around AirPods in the years to come.
Munster reiterated his $200 price target on AAPL on Monday that represents an about 35% upside from here.