Deutsche Bank Cuts PC Estimates, Raises iPad Estimates

Deutsche Bank has issued a report cutting PC estimates but raising the estimates of Apple's AAPL iPad. According to the report, "Following a series of checks with DB analysts in Asia and the PC supply chain we cut PC estimates on 1H weakness in consumer NBs, inventory work downs and greater than expected cannibalization by Smartphones and Tablets. We trim PC unit growth (ex tablets) to +4% in 2011 (vs. prior +9% Y/Y) and +7% Y/Y in 2012 (vs. prior +8% Y/Y). We raise tablet estimates to 45M in 2011 (vs. prior 40M) and 70M in 2012 (vs. prior 60M) due to the astounding success of iPad2." AAPL has a Buy Rating and a $450 Price Target. AAPLE closed at $341.19 a share yesterday.