New high Apple price target: $375June 22, 2010: 10:38 AM ET
With the stock setting new records, analysts' prediction are following suit
"Apple is beginning the strongest product cycle in the company's history, led by the iPad and iPhone 4 release later this week," he writes.
"Initial demand for the new iPhone is incredibly robust based on initial demand indicators including: pre-orders, search trends and supplier checks."
As for the iPad, Whitmore notes that shipping lead times are still 7-10 days and that despite improving supplies, stock-outs across Apple's "retail footprint" continued into June.
Whitmore more that doubled his estimate of iPad sales for calendar 2010, to 12 million from 5 million -- which makes you wonder what he was thinking last January.
He's also raised his iPhone estimate, but more modestly: it's now 44 million for 2010, up from from 41 million.
Apple hit $274.85 in early trading Tuesday, up $4.68 (1.73%), before falling back.
Below: An elegant -- if slightly out of date -- chart of analysts' price targets, via Alacra Pulse.
- Analysts scramble to raise AAPL targets
- Chasing Apple's 'galloping pace'
- Analysts hastily revise iPad numbers
[Follow Philip Elmer-DeWitt on Twitter @philiped]