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

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