Apple to Sell 28M iPads in 2011
10:45 AM --
Apple Inc. (Nasdaq: AAPL) is expected to sell 28 million iPads in 2011 -- and put pressure on the entire PC industry.
While UBS Research analyst Maynard Um says there's no evidence the iPad is cannibalizing Mac sales, it appears to be challenging sales of traditional notebook computers with its competitive price and causing consumers to "delay purchases and upgrades of existing PCs."
Umm also predicted Apple will release a new CDMA-compatible iPhone 4 in January and increased his price target for Apple stock by $10, to $350.
"We continue to favor product plays such as Apple as the company should have some of the most highly sought after products in the holiday quarter," Ummm wrote in the research note he issued this week. "Despite tough economic conditions, consumers remain willing to pay for innovation. Despite increasing competition in smartphones and that which is soon to come in tablets, Apple's ability to keep its products fresh and innovative gives us confidence in our estimates going forward."
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— Erin Barker, Digital Content Reporter, Light Reading Cable