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iPad supply constraints still in play, says Piper Jaffray

As we noted earlier, finding the iPad of your dreams hasn't been getting any easier in recent days. Even with an assumed uptick in production to handle the imminent overseas launch, the search for available units on the ground in the US has been tough.

Today's Apple 2.0 note on availability cites a report from Piper Jaffray's Gene Munster, who found that 74% of the 50 retail outlets he surveyed had no iPads in stock, and those that did have some in house only had Wi-Fi models; the 3Gs remain scarce as four-leaf clovers.

With 10 day delivery waits on online orders, it's clear that demand has not slackened -- but it may be that a good chunk of the manufacturing allocation is currently heading for the aforementioned country launches that will kick off one week from today.

You would think that "We're selling every one of them we can make" is a pretty good problem to have, but that doesn't always play that well. In a classic maneuver known as "the market's glass of unicorn tears is half-empty," Munster simultaneously acknowledges that he completely lowballed his million-unit quarterly estimate for iPad sales while suggesting that the supply constraints may cause Wall Street to balk at AAPL's premium price if the company can't catch up with demand over the summer.

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