iPad Mini headed for October release

It was bound to happen. With the Nexus 7 heating up the tablet wars, Apples now planning to a release a 7.85-incher of its own come October.

A research analyst, Andy Hargreaves spills the beans:

We anticipate an entry-level 7.85” iPad with 8GB of NAND capacity to price at US$299 with an initial gross margin of 31 percent. We anticipate 25 percent cannibalization of the larger 9.7” iPad, so our total F2013 iPad estimate increases to 91.6-million from 65.2-million.

Hargreaves also said that Apple will most likely end production of iPad 2s. The late Steve Jobs hated 7-inch tablets but now that Tim Cook is in charge, any form factor goes. As a winning idea goes, a 7-inch iPad will only makes Apple’s already sturdy position undeniably steadfast.