FORTUNE -- The day after the iPad mini was unveiled, Cowen's Matthew Hoffman wrote that he expected Apple's (AAPL) latest tablet to be "largely cannibalistic" -- eating directly into the sales of Apple's 10-inch iPad -- and he trimmed his iPad sales estimates accordingly.
But to be certain, he ordered a survey of 1,225 Americans to gauge their interest. Now, having analyzed the results, he's changing his tune. His key findings:
"We now believe," Hoffman concludes, "the iPad mini is slightly less cannibalistic to the fourth-generation iPad "4" than we previously modeled." And he's raised his holiday quarter revenue estimates accordingly.
Note, however, that by the time Hoffman had drilled this deep into his survey results, he was drawing his conclusion from a field of 24 respondents.
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