Like we didn’t know this wouldn’t happen eh.
Morgan Stanley is calling it the reshaping of the PC market and in the process gives Apple a great big pat on the back by raising its target price to $332.00. Leading the charge at Morgan Stanley is Katy Huberty who raised her iPad sales estimates to 10 million units in 2010 (up from 6 million). At the same time she believes the company’s stock price could go as high as $440 by May 2011.
What’s turned her head? The blistering sales of the iPad and the diminishing growth of the netbooks’. Among her findings:
- The iPad is on track to become the fastest ramping mobile Internet device out of the gate and one of the most popular in history (see Exhibit 2).
- 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.
- It’s 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.
Source: Fortune
