Sterne Agee: Next-gen iPad to drive sales of 55 million units this year; AAPL target upped to $620

“Analyst Shaw Wu with Sterne Agee said in a note to investors on Wednesday that his checks with industry sources have portrayed Apple’s third-generation iPad, set to be unveiled next week, as a ‘significant’ hardware refresh,” Neil Hughes reports for AppleInsider. “In particular, he believes the inclusion of 4G long-term evolution data connectivity will be the key feature.”
“Sources who spoke with Wu reportedly indicated that Apple has made ‘notable progress’ in improving battery life with 4G LTE devices,” Hughes reports. This is due to AAPL’s ownership of core intellectual property including systems design, semiconductors, battery chemistry, and software,’ Wu wrote.”

Hughes reports, “Wu on Wednesday to increase his projected iPad sales for calendar 2012, from 51 million to 55 million… Wu’s latest price target calls for AAPL to reach $620, up from his previous prediction of $550.”

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