(By Balachander) Apple Inc. (NASDAQ: AAPL) may launch a new version of iTunes at its "iPad Mini" event tomorrow, according to media reports.
The world's most valuable technology company is rumored to unveil its next generation iPad -- dubbed as iPad Mini -- at a special event on Tuesday.
Meanwhile, Apple originally announced the latest version of iTunes music software at its iPhone 5 launch event in September, but has not yet confirmed a release date.
In a report, the Mac blog MacNN said a new version of iTunes will finally be available tomorrow. The new iTunes offers a number of new features on its own, along with a redesign of the general UI.
"iTunes 11 offers the latest refresh to the now 12-year-old music player. The interface itself has been redesigned, while iCloud support is now built in. And the new mini player offers more controls so you don't have to open the full applications as often," CNET reported.
Apple may also launch an update to its iBooks app, MacNN reported.
Once launched, the so-called iPad mini will mark Apple's second high-profile product unveiling in recent months.
Market analysts expect strong demand for the Apple's new device, pointing to the popularity of Samsung's 5.3-inch Galaxy Note, Amazon.com's 7-inch Kindle Fire and Google's Nexus 7.
According to a new Forbes report, Deutsche Bank analyst Chris Whitmore says that the new product is going to be a "barn burner," and has a stock target set at $850.
Apple had last month unveiled the iPhone 5, the thinnest and lightest smartphone ever, as well as one of the most keenly awaited technology products of 2012. The technology behemoth sold more than 5 million devices in the first three days following its Sept. 21 launch.
AAPL is trading 1.96 percent higher at $621.78 on Monday. The stock has been trading between $363.32 and $705.07 for the past 52 weeks.