Apple (NASDAQ:AAPL) PT Boosted by Needham, Susquehanna

With sales of Apple's (NASDAQ:AAPL) iPad and iPhone appearing to be higher than expected, analysts at Needham & Co. and Susquehanna raised their price target on the company even more.

Needham analyst Charlie Wolf wrote, "Our forecast of the iPad’s ultimate share of the media table market is materially higher than the forecasts of most pundits. In our opinion, that’s because they’re confusing the media tablet market with the smartphone market. Sales of smartphones ... have been driven by the carriers who can turn the phones into revenue producers by loading them with their own content, software and services (colloquially referred to as “crapware”). However, carriers should play a far more limited role in the distribution of tablets, because tablets are primarily content consumption, not communications devices. We believe the media tablet market will more closely emulate the portable music player market, where the iPod continues to dominate, than the smartphone market."

Wolf sees Apple selling about $75 million iPhones in 2011. Over the next five years he believes their current market share of 16 percent will rise to 22 percent.

Needham maintains a "Buy" rating on Apple, which was trading at $352.33, gaining $5.83, or 1.68 percent, as of 2:40 PM EST. Wolf raised his price target on Apple from $375 to $450.

Susquehanna boosted their price target on Apple from $445 to $465.