“As if Steve Jobs wasn’t getting enough attention after his iPhone 4 keynote Monday, Morgan Stanley’s Katy Huberty issued a note to clients Monday night that’s basically a love song to [her] iPad,” Philip Elmer-DeWitt reports for Fortune.
“By the time she’s done, she’s raised her iPad sales estimates [to] 10 million units in calendar 2010 (from 6 million) and her Apple price target to $332 from $310,” Elmer-DeWitt reports. “In her ‘bull case’ scenario, the stock could climb as high as $440 by May 2011.”
Elmer-DeWitt reports, “What’s turned her head? The blistering sales of the iPad and the diminishing growth of netbook sales. Among her findings: The iPad is on track to become if not the fastest, then the second-fastest ramping mobile Internet device out of the gate after the netbook. Early iPad usage patterns validate the tablet as a computing device. It’s already overtaken the Web browsing share of devices like the iPod touch. [iPad is] at least partially responsible for a sharp drop in the growth of netbook sales, which decelerated to -13% year-over-year in the month of April, from +45% in the first quarter of 2010. Huberty thinks the netbook phenomenon may have peaked; she expects tablet sales to overtake netbooks by 2012.”
Full article, with charts, here.