Apple (AAPL) Sells 3 Million iPads Already

Apple (

) has already sold 3,000,000 iPads. Not bad for a device that was once considered unnecessary. UBS analyst Maynard Um estimates that every 100,000 iPads sold adds one penny to Apple's earnings per share. Using that valuation 3,000,000 iPads equates to 30 cents per share on Apple's earnings. Kaufman Bros analyst Shaw Wu raised his price target for Apple to $342. "We as well as the Street continue to underestimate demand for iPad. Part of the reason is that the iPad, as a tablet, is a relatively new product category where it fits in between a smart phone and a notebook PC." Analysts estimate that Apple will sell nearly 10 million iPads in 2010.