Apple appears to be beating the recession as sales across its product range remain strong, an analyst said last week.

With a few days remaining in Apple’ traditionally weak second quarter, an analyst notes, “Our sense is that the Mac business appears to be recession proof.”

American Technology Research analyst Shaw Wu made the bullish claims as he raised estimates on the company’s stock, which he rates as a buy with a $175 per share price target.

“We were already looking for robust Mac unit growth of 38 per cent, year on year, but now we think it may be closer to 42 per cent,” the analyst claims.

Wu also notes that MacBook Air sales are picking up, as customers ignore its limitations to focus on its usability as a light and easily-portable computer. He predicts sales of this model of Apple laptop could account for up to 25 per cent of the company’s laptop sales in the current quarter.

iPod sales are strong, “tracking towards the upper-end of 9.5-10 million units,” Wu wrote, noting that the recent price cut on the iPod shuffle appears to be driving unit sales.

Apple may face a temporary slowdown in iPhone sales while consumers await the June release of new applications for the device when the iPhone SDK ships. All the same, the analyst expressed confidence Apple would ship ten million units of the device by the end of its 2008 financial year.

“We believe we will likely see an acceleration in iPhone adoption in the second half of the year and beyond with native Exchange support, more carriers, 3G and low-cost models.”

The analyst also notes Apple’s profits should take an unexpected hike on account of lower than anticipated component costs.

“For the March quarter, we are now modeling $7 billion and $1.10 in earnings per share (from $6.9 billion and $1.02) against consensus of $6.92 billion and $1.05 and Apple’s guidance of $6.8 billion and $0.94,” Wu wrote.