Hudson Square Spot Surveys New iPad Buyers

Hudson Square has published a research report on Apple

after spot surveying consumers waiting in line for the new iPad today, showing shorter lines than for the iPhone 4S and iPad 2. In the report, Hudson Square writes, "We counted roughly 550 people on line at 5 locations combined, vs. the 2,300 people we counted in our iPad 2 survey last year. All but three of the people we spoke with already owned an iPad. During our iPad 2 survey last year we found 69% of our 80 respondents did not already have the iPad1. Half of the current iPad owners we spoke with this morning had the iPad1 and the other half the iPad2. We believe retail supply of the new iPad will very likely be sold out by the close of this weekend, and we note Apple is currently quoting a 2 to 3 week delivery time for online orders of the device. We believe an increasing percentage of Apple product launch purchasers are pre-ordering on line." Hudson Square maintains its Buy rating on Apple, which is currently trading down $6.66 from yesterday's $585.56 closing price.