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AAPL investors should pay close attention to the revenues generated from the iPad when the new models are launched later this month, as they provide a better predictor of Apple’s stock price than iPhone revenue, argues Bloomberg.

Here’s where investors should start paying attention. By at least one measure, as the iPad goes, so goes Apple stock. Quarterly iPad revenue has a 68 percent correlation with Apple’s share price. That’s higher than the stock’s correlations to iPhone revenue (62 percent) or Mac revenue (40 percent).

The piece goes on to acknowledge that in unit sales terms, the positions are reversed, with a 77 percent correlation with iPhone sales against 68 percent to the iPad, but it’s an interesting observation when iPhone sales account for half of Apple’s revenue while the iPad comes in at just 20 percent.

Apple is set to launch the iPad 5 and iPad Mini 2 at an event on 22nd OctoberBloomberg reports that currently 47 of the 66 analysts who cover AAPL rate it as a buy. Apple is due to hold its Q4 earnings call on 28 October, before the new iPad models are expected to go on sale.