Apple is ‘enhancing the power’ of its silicon after product event, BofA says (NASDAQ:AAPL)
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Apple (NASDAQ:AAPL) held its first product event of the year yesterday, virtually unveiling a new iPhone SE, iPad Air and the Mac Studio, along with the new M1 Ultra chip, which Bank of America said addressed the tech giant’s “high end processing needs.”
Analyst Wamsi Mohan, who maintained his buy rating and $215 price target, noted that the event showcased “the power of Apple Silicon and seamless integration of hardware and software.” The M1 Ultra offers UltraFusion, which has a new packaging architecture that interconnects two M1 Max chips and creates a different system-on-a-chip, offering higher performance and better power efficiency.
The Mac Studio, which can be configured with the M1 Ultra, along with Studio Display, is seen as “a powerful tool for musicians, 3D artists, App developers, photographers and videographers,” Mohan explained.
Apple (AAPL) shares were up nearly 2% to $160.47 in premarket trading on Wednesday.
In addition, the iPhone SE with 5G support could allow Apple (AAPL) to gain share in lower price points for the smartphone market, especially as the company previously noted it added “more new users to the iPhone 13 lineup than in each of the previous five launches.”
In addition, Apple (AAPL) unveiled a new iPad Air that uses the 8-core M1 Chip and Friday Night Baseball for Apple TV+, as well as a live highlight and look-in show airing every night, known as “MLB Big Inning.”
Last week, it was reported that Apple (AAPL) set April 11 as the date for its corporate staff to return to the office one day per week as the world looks to move past the COVID-19 pandemic.
