Apple is the IBD Stock Of The Day as the consumer electronics giant unveils a new iPad Mini tablet with artificial intelligence capabilities.
In morning trades on the stock market today, Apple stock jumped 2% to 235.94. With the move, it broke out of a handle buy point of 233.09, according to IBD analysis.
Further, Apple stock is approaching another buy point of 237.23 out of a 14-week consolidation pattern, according to IBD MarketSurge charts.
Earlier on Tuesday, Apple introduced a new model iPad Mini built for Apple Intelligence, the company's take on AI.
The latest iPad Mini features Apple's A17 Pro chip, an 8.3-inch display and comes in four case finishes. It also supports the Apple Pencil Pro stylus.
The mini tablet starts at $499 for the Wi-Fi-only model with 128 gigabytes of storage. It will be available on Oct. 23, with preorders starting today.
The next major catalyst for Apple stock could be the company's fiscal fourth-quarter report on Oct. 31.
Apple Stock Gets Buy Ratings
Also Tuesday, Morgan Stanley analyst Erik Woodring reiterated his overweight, or buy, rating on Apple stock with a price target of 273.
In a client note, Woodring said data on iPhone 16 shipments and sales are "encouraging and in line with recent cycles."
Further, data from research firm IDC points to stronger-than-expected iPhone shipments in the third quarter, he said.
Plus, the expected launch of Apple Intelligence for the iPhone on Oct. 28 will be a positive development, he said. The first batch of features will include an improved Siri digital assistant, photo clean-up tools, audio transcriptions, email summaries and more, he said.
On Sunday, Evercore ISI analyst Amit Daryanani added Apple stock to his firm's "tactical outperform" list.
Apple stock is on the IBD Tech Leaders list. It has an IBD Composite Rating of 90 out of 99, according to IBD Stock Checkup.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
