Analyst raises AAPL target price to $ 375, citing strong sales of iPads, Macs and iPhones

Analyst raises AAPL target price to $ 375, citing strong sales of iPads, Macs and iPhones

Needham & Co. today updated its forecasts for NASDAQ: AAPL, increasing the target price of Apple's shares from $ 280 to $ 375 (and maintaining its “Buy” rating). The latest forecast was largely out of date according to analyst Charlie Wolf, who had not commented on the Cupertino firm's shareholding performance since February.

For Wolf, the sales vector for iPads and Macs is significantly higher than he initially predicted. The iPad, for example, is already approaching an average of 12 million units sold per year; before, it was estimated that it could reach 20 million by 2019 only. And that is because it will still expand to several countries.

Apple logo at the Fifth Avenue Retail Store in NYC

The success of iGadgets it has also stimulated Mac sales a lot. By the end of 2010, a total of 14 million desktops and laptops are now expected to be sold 50% more than previously estimated.

Wolf did not leave the iPhone out of his predictions, of course. For him, the launch of the iPhone 4 proved that consumers are changing handsets "much faster" than expected. The update of AAPL does not take into account, yet, the arrival of the iPhone to Verizon Wireless network, in the United States.

(via TheStreet)