Ticonderoga sees over 15 million iPads in 9 months

White contends iPad could be “one of the most coveted gifts” this holiday season; he sees the company selling 7.1 million units in the September 2010 fiscal year, with 19.9 million in 2011, and 25.8 million in 2012.

The analyst said his target is based on 20x his interest expense/income adjusted calendar 2011 pro forma EPS estimate, plus net cash of $49.43 a share.

via Apple: Ticonderoga Starts With Buy, Street-High $430 Target – Tech Trader Daily – Barrons.com.

If Apple hits 5 million in the just ended September quarter and 7 million in the December quarter, we’re looking at over 15 million iPads in nine months of sales. The iPhone took about 20 months to reach the same level.

If the iPad is ramping up more than twice as fast as the iPhone, (aka the Jesus Phone) what does that make it?

See also: iPad Death Watch : AAPLinvestors