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Apple to Announce New Mac Mini: Rumor (Update 2)

Updated from 11:04 a.m. EST to iPad Mini invite in the second paragraph.

NEW YORK ( TheStreet) -- The event Apple (AAPL - Get Report) is reportedly holding on Oct. 23 isn't just about the iPad Mini anymore. It's a product refresh of immense proportions.

Earlier Tuesday, Apple sent out invitations for the event, with the tag line "We've got a little more to show you." TheStreet will be attending the event live, which will start 1 p.m. ET at the California Theater in San Jose, Calif.

On top of Monday's rumor that Apple would be announcing a new 13-inch MacBook Pro with Retina Display comes a rumor Tuesday that Apple will refresh its popular Mac Mini computer at the event as well. Apple blog 9to5Mac reported the news, citing sources.

Apple will reportedly announce three different models, two with different storage and chips, and a third one that runs Apple's OS X Server. It is expected that the new computers will ship immediately.

Mac Mini

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Apple has had an exceptionally busy 2012, and a refreshed Mac Mini would only add to that. From new iPhones, iPads to new MacBooks, 2012 has been perhaps Apple's busiest year ever, when it comes to product refreshes.

Jefferies analyst Peter Misek believes there's a chance that a new version of iTunes will also be unveiled during the presentation, one that's integrated with Facebook (FB - Get Report). He rates Apple "outperform" with a $900 price target.

The Mac Mini has been almost an afterthought in the Mac maker's computing line, with the MacBook Air and MacBook Pro receiving the majority of media attention. Apple does not breakdown by line how many computers it sells, but Apple sold 4 million Macs during its fiscal third quarter, an increase of just 2% year over year.

Apple is also set to report fourth-quarter earnings on Oct. 25, in what is shaping up to be a busy week for the tech giant.

Apple shares are higher in early Tuesday trading, gaining 1.94% to $647.07.

Interested in more on Apple? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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