UPDATE 1-Canon to post big jump in Jan-Mar profit-Nikkei

* Jan-Mar op profit likely to quadruple to Y75 bln - Nikkei

* Would beat Canon internal quarterly target of Y40bln-Nikkei (Adds stock price)

TOKYO, March 16 (Reuters) - Canon Inc (7751.T) will likely post a near quadrupling of operating profit in the January-March quarter, beating expectations on strong sales of high-end digital cameras, the Nikkei newspaper reported on Tuesday.

The digital camera and office equipment maker is on track to log an operating profit of 75 billion yen ($829 million) for the first quarter, up from 20 billion yen in the same quarter a year earlier, the Nikkei said.

Canon has not made a quarterly profit forecast, but internally had been targeting a profit of just below 40 billion yen, the Nikkei said.

The 75 billion yen figure would also top market expectations, with the average of two analysts polled by Thomson Reuters I/B/E/S coming to 55 billion yen.

Canon officials were not immediately available for comment.

Canon has enjoyed rising sales of digital single-lens reflex cameras, which are high-end models that use interchangeable lenses, especially in Asia, the Nikkei said.

It also been able to hold prices of compact digital cameras steady despite tough competition, helping its earnings, the Nikkei said.

Quarterly sales will rise 5 percent to about 720 billion yen, reflecting rising shipments of laser printers following an end to inventory adjustments, the Nikkei said.

If sales continue to grow, Canon may raise its full-year forecasts, which currently call for operating profit to jump 52 percent to 330 billion yen, the Nikkei said.

Canon is the world's largest digital camera maker. Its competitors include Sony Corp (6758.T) and Olympus Corp (7733.T).

In printers and copiers, Canon's rivals include Xerox Corp (XRX.N), Ricoh Co Ltd (7752.T) and Konica Minolta Holdings Inc (4902.T).

Shares of Canon fell 1 percent to 4,125 yen in morning trade, underperforming a 0.2 percent decline in the benchmark Nikkei average .N225. ($1=90.48 Yen) (Reporting by Nathan Layne; Editing by Andre Grenon)