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Citigroup said on Monday that Amazon.com's Kindle electronic book reader appears to be selling much better than expected and could double a previous estimate for units sold this year, sending shares in the online retailer up 9 percent.
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With few cool new gadgets expected on the market, the Kindle could be one of the top electronics gifts of the upcoming holiday season, along with Apple's [AAPL
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] newest iPhone, Citigroup said.
"Turns out the Kindle is becoming the iPod of the book world," Citigroup analyst Mark Mahaney wrote in a note to clients. He kept a "buy" rating on the share.
Mahaney estimates Amazon will sell up to 380,000 Kindles in 2008, up from a previous forecast of 190,000, noting that adoption rate would be similar to the first year of sales for Apple's media-playing iPod. He sees Amazon selling up to 150,000 Kindles in the fourth quarter alone.
Mahaney also expects Kindle and related revenue of more than $1 billion by 2010, compared with a previous view of $400 million to $750 million.
Amazon [AMZN
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] shares were up $7.51 at $88 in midday trading.
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