Brian White of Ticonderoga Securities issued an in-depth 85-page note on Apple to analysts Monday — as reported by “AppleInsider” ( and initiated coverage of Apple stock with a $430 12-month price target.

“We believe Apple is still in the early stages of capitalizing on the trend toward a digital lifestyle, while transforming itself to seize large opportunities in the enterprise market, advertising (i.e. mobile, TV, etc.), “cloud computing and social networking,” White wrote.

White predicts Apple will sell 7.1 million iPads in its 2010 fiscal year, with sales growing 181% in 2011 to 19.9 million. In the 2012 fiscal year, he sees Apple selling 25.8 million iPads.

The analyst thinks Apple will sell 36.9 million units in 2010, up 78% year-over-year. For the 2011 fiscal year, White eyeballs Apple selling 49.1 million handsets, eventually reaching 71.1 million in the 2013 fiscal year.

The success of the iPhone, iPod and iPad will also drive sales of MacBooks and the iMac as well. White forecasts Mac sales reaching 13.7 million this fiscal year, and increasing to 15.5 million in 2011.