It appears many analysts couldn’t get the word out fast enough after Apple announced over the Memorial Day holiday how well the iPad is selling. Analysts increased predictions on how many tablets Apple would sell and how high the Cupertino, Calif. company’s stock would rise.
Piper Jaffray’s Gene Munster told investors Monday he expects Apple will sell 6.2 million iPads during calendar 2010, up from the 4.3 million he had previously projected. Despite warning investors to “keep iPad expectations in check” due to international and domestic iPad supply problems, Munster also boosted to $330 his target for Apple shares, up from $323.
Kaufman Bros. analyst Shaw Wu expects Apple to ship 2.7 million iPads for the June quarter, up from 2 million. He also repeated his $320 per share price target for Apple.
Barclays Capital analyst Ben Reitzes also increased his target price for Apple shares to $320 from $315, a number shared by UBS analyst Maynard Um, who told investors Tuesday he expects Apple stock to reach $320, up from $315.
Perhaps most bullish was Broadpoint AmTech analyst Dinesh Moorjani. He increased his target price for Apple shares to $340, up from $320, while also raising his sales estimates. The analyst projected Apple will ship 2.5 million tablets in the June quarter, more than doubling his previous projected 1 million. He also expects Apple will sell 10 million iPads during calendar 2010, up from 6 million. In 2011, Moorjani projects Apple will sell 17 million iPads, up from 12.2 million previously forecast for calendar 2011.
On Saturday, Apple announced it sold more than 2 million iPads in less than 60 days.