iPad Mini rumors have been going on for ages now it seems like, but they have begun to heat up even more with the recent announcement of the Google Nexus 7. Just this morning we heard a rumor about some details on the iPad mini display and price. Pacific Crest analyst Andy Hargreaves has added his take on the situation suggesting that a 7.85-inch iPad Mini will make its debut in Q4.

Hargreaves believes that the iPad Mini will feature 8GB of internal storage and will sell at $299 with an initial gross margin of 31% according to a research note he posted last Thursday. The $399.99 iPad 2 model would likely be killed by Apple in an effort to make room for the iPad Mini according to Hargreaves. As for amount of iPad Minis to be sold, Hargreaves believes around 10 million in FQ1(Dec. 2012) and 35.2 million in F2013. Total iPad sales would be at 91.6 million.

Another promising note for investors is that Hargreaves predicts Apple’s shares will rise up to $690 instead of $630 which was his previous prediction. An iPad Mini would definitely shake up the tablet market and give the Nexus 7 and Kindle Fire some unwanted competition. What do you think of the iPad Mini speculation? If it were real would you buy one? Let us know in the comments section below.

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