iPad Tablets Sell Like Hotcakes Over Holiday Weekend, Investors Raise Apple's Target Price
CNN Money posted a summary of what several industry analysts saw and recommended over the holiday shopping season, and the general consensus is that Apple is doing a bang-up job this holiday shopping season. Among the list of analysts is Piper Jaffray's Gene Munster, who analyzed 90,000 Twitter messages over the the weekend. According to Munster, the iPad was the most mentioned product on Black Friday and the iPhone the most mentioned on Cyber Monday. In addition, he noted that holiday traffic at the Mall of America Apple Store was up 9 percent compared to last year, with the new iPad mini selling "better than expected." He kept his price target of Apple at $767, but says his sales estimate of 24.5 million iPads this quarter is probably low.
Trip Chowdhry, an analyst with Global Equities, raised his price target to $800 after spending time in nine Apple Stores and five Target locations over the weekend. He also spoke with over 300 people. Surprisingly, the iPad Air 128GB and iPad mini 128GB were the most popular devices.
"We used to store only music before, now we store HD movies also," customers explained to Chowdry in relation to why they're opting for the 128GB iPad devices.
It's the same story over and over, which means Apple is likely to end the year on a very high note.