Apple iPhone will hit 70 million sales in 2011, according to a price target revision sent to investors Wednesday Jan 12,2011. RBC Capital Markets Managing Director Mike Abramsky raised the firms target for Apple stock from $365 to $395. RBC also raised its revenue estimates to $91 billion in the 2011 fiscal year and $103 billion in 2012. Apple is expected to sell 3 million Verizon iPhones alone in the second quarter with unit sales totaling 9-10 million in the calendar year. Based on the Verizon iPhone addition and the strong demand for the upcoming fifth-generation iPhone (iPhone 5), which is expected to launch in June or July 2011.

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