NEW YORK (TheStreet) -- Tech enthusiasts were abuzz following Apple's (APPL) well-telegraphed product launch on Tuesday, in which the Cupertino, Calif.-based company released its newest iPhone versions -- the iPhone 6 and iPhone 6 Plus. Apple also demonstrated its newest product and move into the wearable technology space, the Apple Watch, and its mobile payments system, Apple Pay.
Watch the video below to get a closer look at Apple's newest products:
Both phones will be available for pre-order on Sept. 12, with a full rollout on Sept. 19. The iPhone 6 will start at $199 with a two-year contract, while the 6 Plus will start at $299. CEO Tim Cook also unveiled Apple's smart watch, priced at $349, that will be available in "early 2015."
Apple's mobile payments service will work with the big credit card networks -- American Express (AXP) , Visa (V) and MasterCard (MA) , as well as the big banks, including Citigroup C, JPMorgan Chase (JPM) , Capital One (COF) , Wells Fargo (WFC) , and Bank of America (BAC) . Already Apple has signed up a slew of retailers, including Macy's (M) , Target (TGT) , Walgreens (WAG) and Starbucks (SBUX) , among others.
Read More: Apple iPhone 6 Live Blog Recap
Apple shares rose 9 cents to $98.08 in early trading on Wednesday. Here's what Wall Street analysts are saying about Apple.
Andy Hargreaves, Pacific Crest Securities (Downgrade from Outperform to Sector Perform)
We were impressed by the new iPhone 6 and 6 Plus, but believe the potential from these devices is largely priced into AAPL at current levels. Further, we believe sales to new iPhone users will decline beyond the iPhone 6, which is likely to prevent iPhone unit growth in F2016 and beyond. We believe anticipation of stagnant iPhone growth will drive multiple compression through F2015 as the iPhone 6 cycle progresses. Even if we stretch our estimate for F2015 iPhone units, the likelihood for multiple compression over that time suggests the majority of potential upside from iPhone 6 is priced into the shares.
Apple Watch is attractive, but the need for phone tethering, short battery life, and lack of compelling features for people who do not want a watch will limit the market, in our view. We are adding 30 million Apple Watch units in C2015, which drives our F2015 EPS estimate to $7.96 from $7.58 and drives our F2016 EPS estimate to $7.88 from $7.29. However, we do not see potential for significant upside to this estimate. We believe Apple Pay adds to the stickiness of the ecosystem, but we do not expect the service to add material profit.