“Canaccord Genuity’s Mike Walkley this morning raises his price target on shares of Apple (AAPL) to $145 from $135, writing that his review of market data suggests continued strength for the iPhone 6 upgrade cycle,” Tiernan Ray reports for Barron’s. “Walkley writes that his assessment of vendor data in smartphones suggests, whose shares he rates a Buy, captured 93% of industry profits in Q4.”
We believe the strong iPhone 6 replacement sales should continue during C’15, as we estimate only 15% of the current estimated 404M iPhone installed base has upgraded to the new devices. We also anticipate continued strong share gains for the larger screen iPhones from high-tier Android smartphones during C’15 driving strong growth in the iPhone installed base and model the iPhone installed base growing to 487M subscribers exiting C’15 up 20% Y/Y. Longer term, we anticipate a gradually moderating rate of growth for the installed base from C’16 through C’18 and estimate 650M iPhone users exiting C’18. — Mike Walkley, Canaccord Genuity
Read more in the full article here.
MacDailyNews Take: Everyone not named Apple: Not making it up on volume.
[Thanks to MacDailyNews Reader “Edward W.” for the heads up.]