Alliance Bernstein's iPad Outlook (AAPL)

AllianceBernstein analysts put out a report today in which they attempt to quantify the near term effects of Apple's (NASDAQ: AAPL) iPad launch. The iPad is scheduled to launch on Saturday, April 3rd in the United States. The firm has an Outperform rating and a $250 price target on the shares.

The analysts wrote that, "in the near term we project iPad's financial impact to be minimal, at <2% of Apple's FY10 earnings or $0.17/share, net of cannibalization of existing offerings." The report says, however, that in the longer term AllianceBernstein believes that "the iPad is likely to evolve meaningfully over time."

The analysts said that they are estimating the iPad will sell around 5 million units in the first twelve months, including 300k-400k (including presales) units this weekend. During the current trading session, AAPL is 1.52% higher to $235.89. The stock was trading at a new all time high earlier in the day, but gave back some of those gains.