By Tiernan Ray
RW Baird’s William Power today reiterates an Outperform rating on shares of Apple (AAPL), writing that his visits to retail stores “suggest strong demand” for the company’s iPhone 4S, and that it’s “too early to call” on shipments of Apple’s iPad.
Power reiterates a forecast for 27.2 million iPhone units this quarter and 15 million iPad units.
Baird is no doubt responding to the multiple rumors circulating yesterday and today about Apple cutting production of either or both devices for one reason or another.
Baird doesn’t directly address those rumors, but alludes to them, writing “given the importance of the holiday selling season, we believe FQ1 iPad shipments are too early to call, though our checks suggest solid overall demand. we do expect the [Amazon.com (AMZN) Kindle, Nook and others to take some share, but continue to forecast strong iPad growth overall.”
Apple shares are down $10.82, or 2.7%, at $384.46.