Munster Points to a Strong Start for Apple's (AAPL) New iPad, Calls Lines 'Healthy'

Piper Jaffray's Gene Munster is out with one of the first retail updates on the launch of Apple's (Nasdaq: AAPL) new iPad.

The analyst called lines at stores "healthy" and insisted language from Apple on pre-orders was promising. Munster estimated about 750 people were in line in front of New York City's flagship store on 5th Ave. at 8am ET. While this was noticeably lower than last year's estimated 1,190 in the line, Munster noted short lines were expected due to pre-orders which were "off the charts."

Munster is currently modeling for Apple to sell more than 1 million new iPads Friday, implying shipments of about 10.2 million for the second quarter.

Piper Jaffray has an Overweight rating and $718 price target on shares of Apple.

Amid the buzz, Apple (Nasdaq: AAPL) shares are down 0.8 percent to $581.20.

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