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Apple is expected to sell more than 28 million iPads in 2011, according to one analyst.
Maynard Um of UBS Investment Research said today that he was increasing his stock price target for Apple to $350 a share, up from $340. He believes that the iPad isn’t hurting Mac sales, but it is affecting the PC industry. The number of iPads to be sold next year compares to Samsung’s own forecast that it will sell 10 million units of its Galaxy Tab Android tablet. Samsung product executive Hankil Yoon predicted Samsung will sell that many units by the end of the third quarter in 2011.
Um said that the iPad is expected to hurt sales of low-end notebook computers in 2011.
“Sales of traditional notebooks appear to be feeling pressure from the iPad, causing a scramble by vendors to launch iPad-like tablets,” Um wrote. “We believe that a majority of this impact is occurring on the lower end of PC sales as the iPad is priced close enough to this range that it becomes attractive to consumers looking to make purchases within this segment.”
While the iPad isn’t directly cannibalizing PC sales, it may prompt consumers to delay purchases of new PCs or upgrade existing ones, he said. As others have done, Um predicted that Apple will launch a CDMA-compatible (code division multiple access, a radio format used by Verizon) iPhone 4 in January, 2011. He estimates that 52 million iPhones will be sold in 2011. Apple has become the third-largest PC notebook company, if you include the iPad, according to IDC. Last quarter, Apple sold an estimated 3.27 million units, IDC said.