Apple Begins Shipping iPads

9:50 AM -- Apple Inc. (Nasdaq: AAPL) began shipping iPads today to customers who placed preorders two weeks ago.

But don't get too excited. Apple has arranged for UPS to hold the deliveries until the iPad's launch day, April 3.

Meanwhile, Morgan Stanley issued a note this morning claiming that Apple's manufacturing partners are predicting shipments of 8 million to 10 million iPads in 2010, a far cry from their original expectation of 5 million.

According to AllThingsD's John Paczkowski, the current Wall Street consensus is that Apple will sell 3 million to 4 million iPads in 2010, but Morgan Stanley analyst Katy Huberty estimated in the note that Apple will sell more than 6 million.

Huberty wrote:
    We continue to believe the market under-appreciates longer-term iPhone/iPad demand. Negative investor sentiment on the iPad centers on the lack of a "killer app" or new technology. Near-term, we believe iPad will target the sizeable sub-$800 consumer notebook market, which equates to 30 million units in the US and 120 million units globally. Medium-term, newly introduced content (books, magazines, video) and iPad-optimized apps could broaden the addressable market and strengthen iPad sales momentum later this year.
— Erin Barker, Digital Content Reporter, Light Reading Cable

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