We could expect more iPads than just that iPad Pro at Apple “Spring Loaded” event on Tuesday.

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

Apple will host its first virtual product launch in 2021 this Tuesday, which will usher in another major product update year for Cupertino. At this launch, the event will focus on iPad updates for the iPad Pro, iPad mini, and the affordable iPad.

Ives continues 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 withheld from upgrading their device in the past year.

In this WFH environment, Apple has seen a significant renaissance in growth as iPad growth posted over 40% year-over-year growth in recent quarters as more employees / students went through an iPad update. We estimate that only ~ 40% of iPad users went through an update in the last year, with a clear pent-up demand that these new iPads be released in the next few quarters, giving Apple another product tailwind … (highlighting its)

We believe Apple is in a robust period of growth led by its services business which, based on our analysis, saw significant strength again in the March quarter. We are assigning a valuation range of $ 1.3 trillion to the services business on a SOTP basis as this vital source of income gains in importance and gains new appreciation from investors as Cupertino continues to monetize its installed base for golden gems. We believe Apple has continued growth ahead, led by its iPhone super cycle and new product launches across its hardware ecosystem.

In addition to new iPads, Apple is expected to reveal the long rumor AirTags. Other potential product versions are new iMacs and new AirPods. With an event called “Spring Loaded” the Rumor mill flies about how much we could see announced on Tuesday.

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