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Below: An elegant — if slightly out of date — chart of analysts’ price targets, via Alacra Pulse.

See also:

• Analysts scramble to raise AAPL targets
• Chasing Apple’s ‘galloping pace’
• Analysts hastily revise iPad numbers

[Follow Philip Elmer-DeWitt on Twitter @philiped]