The iPad is having a large impact for Apple, according to analyst Ben Reitzes of Barclays Capital. In a research note obtained by The Mac Observer, Mr. Reitzes told clients, “We believe the iPad is a major reason to remain excited about AAPL into year-end as checks indicate very strong sales.” He reiterated his “Overweight” rating on the company’s stock.
According to his analysis, the iPad is already eating into PC netbook sales, noting a decrease in netbook orders at Taiwan’s manufacturers. At the same time, however, the device is not cannibalizing Apple’s own Mac sales.
Mr. Reitzes had estimated that Apple would sell 1.5 million of the devices in the June quarter, but he’s now calling that number “very conservative.” He said Apple could sell a million or more iPads above that level this quarter as long the company can meet demand.
The analyst also sees the iPad finding surprising acceptance in the corporate world, telling clients, “Even corporations are piloting the device at a pace that surprises us. At the very least, we believe the device can tap into the corporate market as a “log-in” device that accesses the network.” He added that many of Barclays’ own clients are using the device, “as a reader for research.”
Shares in Apple were trading lower in the closing minutes of the Tuesday afternoon session at US$252.18, down $2.04 (-0.80%), on moderate volume.
*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.