"We believe that looking at the history of time between Apple product launch events suggests that the company will introduce something new in March or April," analyst Gene Munster told clients on Friday. "Over the past two years, the Spring event has been iPad updates."
"The average time between the events has been 123 days, about 4 months. The longest amount of time between events since the 3GS launch in 2009 was 216 days (about 7 months), which was the gap between the iPad 2 launch in March 2011 and the iPhone 4S launch in October 2011."
Munster thinks that perhaps the update could be an iPad 5 with an iPad mini style design.
"We believe Apple could update the full-sized iPad to a body style similar to the iPad Mini. Additionally, we believe that the iPad Mini could get a Retina display, although that may happen later in the year given the supply constraints Apple faced on the Mini in the December quarter."
Notably, a report from iLounge said Apple is working on an iPad 5 with a similar design to the iPad mini for release in October; rather than in spring.