UPDATE: Wedbush Raises PT on Apple to $750

Wedbush Securities has published a research report on Apple AAPL and has increased estimates on the new iPad and the expected iPhone. In the report, Wedbush writes, "We are raising our FQ2 iPad estimate to 12.7 million from 11.6 million units and our FY12 estimate to 56.9 million from 55.6 million units. While our checks in rainy San Francisco saw only slightly larger crowds at Apple stores, strong preorders and increased distribution (e.g. Wal-Mart) should also help. Given the iPad is primarily a device for consuming multimedia; we believe the improved speeds and clarity will be key selling points. In addition, the launch was initially in 10 countries followed a week later by 26 more countries. In comparison, the iPad 2 was initially launched in the U.S. with 25 more countries two weeks later." Wedbush maintains its Outperform rating and has raised the price target from $585 to $750 on Apple, which closed Friday at $585.57.