Citi Comments On Apple Inc's iPad 2 Unveiling, Confident In Estimates (AAPL)

Citi has published a research report updating investors on the state of Apple Inc. AAPL following yesterday's iPad 2 event.

"We admit that the new features—which include dual cameras, a more powerful dual core processor (A5), and a thinner/lighter form factor—were widely expected," Citi writes. "That
said, we view the overall software and hardware upgrades to be compelling, and should be enough to sustain Apple’s dominance in the increasingly crowded table market."

Citi later adds, "...We remain comfortable with our iPad estimates of 6M and 27M for 2FQ11 and FY11, respectively, which implies that Apple will continue to enjoy +80% share in the tablet market this year. Based on the announced tablet offerings, we believe comparable tablets will need to price meaningfully below the iPad in order to take share in this market. We view this as highly unlikely given that competitors would essentially be breaking-even or losing money at those prices."

Shares of AAPL closed Wednesday at $352.12 with an established 12-month PT of $415.