Apple Inc (NASDAQ: AAPL) unveiled its Bluetooth trackers dubbed “AirTags” on Tuesday at its “Spring Loaded” digital occasion. The product represents a $10 billion alternative for Apple, in response to Raymond James & Associates.

The Apple Analyst: Raymond James analyst Chris Caso has an Outperform 2 ranking on the Cupertino, California-based tech big with a value goal of $160.

The Apple Thesis: Caso mentioned that AirTags are akin to AirPods by way of potential development for the Tim Cook dinner-led firm as they might strengthen its ecosystem and encourage upgrades.

“We imagine this product class can have very broad attraction (who would not pay $30 to not lose your pockets?), and as such might develop to turn out to be a $10 billion alternative,” wrote Caso in a word Tuesday.

In Raymond James’ estimate, AirPods promote with an annual quantity of practically 70-80 million models.

“At $30 per Air Tag

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