Analyst sees Apple taking 35% to 40% of the tablet and e-reader market in 2010
In a note to clients issued Thursday, BMO Capital's Keith Bachman offers several reasons for raising his price target on Apple (AAPL) to $265 a share from $250, including a 17% increase in Mac sales and the likelihood that the company will release a new iPhone in June.
But the biggest change in his model -- and the subject that dominates the bulk of his report -- is his iPad forecast. Bachman's initial estimate -- that Apple would sell 2.5 million units in fiscal 2010 and 5.5 million in fiscal 2011 -- was smack in the middle of the analyst pack when he made it in January.
He's now saying that 2.5 million "may be conservative" given how many iPads he believes Apple is building, and he's raised his fiscal 2011 estimate to 7.2 million -- a 30.09% increase.
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