In a research note issued to clients today, RBC analyst Mike Abramsky wrote that iPad demand is on track to accelerate in light of upcoming international launches and continued strong sales in the US. For the June quarter, Abramsky anticipates iPad sales of 2.5 million, up from his previous estimate of 1.8 million. To put that into context, Abramsky estimates that weekly iPad sales hover around 200,000 units, which is about about double that of weekly Mac sales.
Checks indicate that US iPad sales remain strong post-launch, driven by rising consumer visibility to iPad’s user experience, sustained PR/word-of-mouth marketing, 3G iPad launch, and broadening iPad apps/content. We believe Apple is now selling >200k iPads/wk, greater than US Macs (est. 110k Macs/wk) and just below US iPhone 3GS first qtr (246k/wk).
All that considered, Abramsky maintains his $350 price target for Apple stock.
We’d be remiss, however, if we didn’t point out that Abramsky is the same analyst who last March had a $70 price target for Apple shares. Yes, you read that correctly, Seventy dollars. Who knows, though, maybe he’s seen the light. In any event, Apple shares are currently trading at $240.