UBS Investment Research analyst Maynard Um has made a conservative prediction about the sales of the Apple Inc. (NASDAQ:AAPL) iPad device in 2011. He predicted consumers will buy at least 28 million of these touchscreen tablet devices next year.
Um also has a target price of Apple’s stock price to hit $350, up from $340. The iPad is not having a negative effect on Mac sales, but he says that the iPad is “adversely affecting the PC industry.”
“Sales of traditional notebooks appear to be feeling pressure from the iPad, causing a scramble by vendors to launch iPad-like tablets,” said Um. “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.”
“We are not sold that the iPad is purely cannibalizing PC sales, as the functionality of the iPad cannot yet deliver the functionality of notebook PCs. However, consumers who purchase iPads may be more willing to delay purchases and upgrades of existing PCs,” Um added. Um also claims that Apple will launch a CDMA iPhone 4 in January 2011 and raised the sales forecast to 52 million units next year.