Tags: Amazon, Amazon Kindle, Apple iPhone, Citigroup, e-book readers, e-books

Citigroup has high hopes for Amazon Kindle

Citigroup has said in a report that they believe Amazon’s e-book reader Kindle is selling well than originally expected.

The group said that the company could sell double the number of units compared to their original estimates this year.

This report helped Amazon’s share as they went up 7 percent.

Citigroup further said that they believe Kindle would be a bestseller device this coming holiday season along with the Apple iPhone.

They expect Amazon to sell 380,000 Kindles in 2008.