UBS analyst Maynard Um has raised his stock price target for Apple, Inc. to $350 from $340. The move comes as Um predicts upwards of 28 million iPads could be sold in 2011; a number the analyst described as “conservative.” Mr. Um is also predicting 52 million iPhones to be sold in the 2011 calendar year. Um continued: “We continue to favor product plays such as Apple as the company should have some of the most highly sough referred t after products in the holiday quarter. Despite tough economic conditions, consumers remain willing to pay for innovation. Despite increasing competition in smartphones and that which is soon to come in tablets, Apple’s ability to keep its products fresh and innovative gives us confidence in our estimates going forward.” Unlike 2010, the iPad will be competing with multiple Android tablet devices — such as Samsung’s Galaxy Tab — that offer similar functionality in 2011.
