According to a report on , analyst Bill Shope told investors that "increasing competitive momentum and compelling new products" will see sales of Apple's key products exceed initial expectations.

"We believe recent macroeconomic uncertainty has had surprisingly little impact on Apple's revenue and profit momentum. Indeed, we believe iPads, Macs, and iPhones could sharply exceed our prior expectations," Shope said.

A next-generation iPhone, iOS 5, new iPods and iCloud products set to arrive this autumn, as well as the iPad 3, which will come early next year, mean that the outlook is bright for Apple, Shope said.

The bank raised its estimates for Apple's September quarter performance to $28.71bn in revenue and $7.30 earnings per share, up from $27.37bn and $6.49.

Shope reckons that Apple will ship 42.39 million iPads by the end of 2011, saying that a lack of competition in the market gave Apple an easy ride. In particular, he criticised "the inability of most Android vendors to offer competitive price points".