By Philip Elmer-DeWitt
June 22, 2010

With the stock setting new records, analysts’ prediction are following suit

In his second note to clients in as many days, Deutsche Bank’s Chris Whitmore raised his price target for Apple (AAPL) to $375 — the highest we’ve seen to date.

“Apple is beginning the strongest product cycle in the company’s history, led by the iPad and iPhone 4 release later this week,” he writes.

“Initial demand for the new iPhone is incredibly robust based on initial demand indicators including: pre-orders, search trends and supplier checks.”

As for the iPad, Whitmore notes that shipping lead times are still 7-10 days and that despite improving supplies, stock-outs across Apple’s “retail footprint” continued into June.

Whitmore more that doubled his estimate of iPad sales for calendar 2010, to 12 million from 5 million — which makes you wonder what he was thinking last January.

He’s also raised his iPhone estimate, but more modestly: it’s now 44 million for 2010, up from from 41 million.

Apple hit $274.85 in early trading Tuesday, up $4.68 (1.73%), before falling back.

Below: An elegant — if slightly out of date — chart of analysts’ price targets, via Alacra Pulse.

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[Follow Philip Elmer-DeWitt on Twitter @philiped]

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