AAPL: Bernstein raising estimates

AAPL (Toni Sacconaghi): 3M iPads were sold in its first 80 days ont he market, outpacing the iPhone, iPod Touch & all netbooks for their full 1st Q sales. The high end of buyside expectations is ~ 25M for 2011. Under a 25M unit scenario, iPad would add $15B in revs & 1700 bps of rev growth to Apple in FY 11. However, iPad's GMs are not known (we est ~30%, at the low end of estimates) providing a big range of EPS ($2-$4) & GMs (0 to -200 bps) outcomes for FY11. Toni outlines bull & bear considerations & estimates 18M iPads for FY11. Raising '10 and 11 EPS. Outperform, TP $300.