iPad and iPhone production rates are beginning to catch-up with demand, Rodman and Renshaw analyst Ashok Kumar has said.

He believes Apple’s on course to achieve 14 million iPhone 4 sales in the current (September) quarter and another 15 million by the end of the year.

iPad sales continue to be strong. LG has apparently managed to boost display manufacturing, beefing up iPad supplies. Apple should sell between 5 million and 6 milllion iPads in the current quarter, the analyst said.

Apple’s soon-to-be-revealed 7-inch iPad also seems set to boost sales. The Economic Daily News of Taiwan is reporting that construction of a 7-inch iPad has begun.

This is likely to be cheaper and more portable while also offering good screen real estate for reading and games playing. It is likely to be a smash for the holiday and back-to-school market.

Kumar believes the growth trajectory on both devices will translate into continued stellar earnings in Cupertino.

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