Cites better availability of iPad screens and continued strong demand

Kaufman Bros. Shaw Wu raised his Apple AAPL price target Monday from $350 to $374. In a note to clients he ticks off his reasons:

  • Strong demand for iPads and improved availability. “This alone is enough to drive significant upside to consensus estimates,” he writes.
  • Slight cannibalization of low-end MacBooks in what is otherwise a strong Mac quarter helped by continued MacBook Pro momentum and faster new iMacs introduced in late July
  • Strong momentum for the iPhone “with little to no impact from antenna concerns” although tight supply of small screens could limit upside
  • Strong iPod momentum helped by the new iPod touch, a redesigned iPod nano and a new shuffle

[Follow Philip Elmer-DeWitt on Twitter @philiped]