JPMorgan (NYSE:JPM) Sees Apple's (NASDAQ:AAPL) Tablet Share at 61 Percent

JPMorgan (NYSE:JPM) sees the tablet market growing to $34 billion in 2012, and Apple's (NASDAQ:AAPL) share is expected to be about 61 percent.

For 2011, the giant financial institution sees Apple shipping about $28 million iPads.

As far as cannibalization, it will probably come in at close to $10 percent, said Morgan.

JPMorgan maintains their "Overweight" rating on Apple, which was trading at $321.78, up $1.42, or 0.44 percent, as of 11:50 AM EST. They raised their price target on them from $400 to $420.