BMO Capital analyst raises 2011 iPad sales forecast to 7.2 million

There's still another week for everyone and anyone to throw their tuppence of predictive nouse into the ring when it comes to all things iPad.

BMO Capital's Keith Bachman has made exactly that move, upping his prediction about the device's medium term success.

In a note to investors, he's stuck with his "conservative" prediction that Apple will sell 2.5 million iPads in its fiscal FY2010 (ending 26th December), while increasing his prediction in terms of FY2011.

Originally 5.5 million, it's now 7.2 million.

It's part of his thinking that Apple stock remains undervalued, despite being at an all-time high. His target price is $265; the shares are currently around $230.

Bachman also predicts wider growth in terms of the entire tablet market, with a total market size of between 17 to 22 million units sold in 2011.

[source: Brainstorm Tech]