In a recent research note issued to investors, Chris Whitmore of Deutsche raised his price target for Apple shares to $375, the highest target we’re aware of.
Apple is beginning the strongest product cycle in the company’s history, led by the iPad and iPhone 4 release later this week. Initial demand for the new iPhone is incredibly robust based on initial demand indicators including: pre-orders, search trends and supplier checks.
And in light of iPad sales surpassing the 3 million mark 80 days in, Whitmore also increased his 2010 iPad sales estimate to 12 million units, up from a previous estimate of 5 million. He also increased his estimate of 2010 iPhone shipments from 41 million to 44 million.
Regarding stone cold earnings, Whitmore anticipates Apple’s 2010 revenue to come in at $71 billion and its 2010 EPS to check in at $16.