Canaccord Genuity analyst T. Michael Walkley bumped his price target on Buy-rated Apple to $160.00 (from $155.00) after the firm’s latest analysis showed that Apple dominated the high-end global smartphone market during Q1/C2015 with near-record share of industry profits and ongoing market share gains,” StreetInsider reports.
First, given our estimate only 20% of the iPhone installed base upgraded to iPhone 6 smartphones by the end of Q2/F2015, we anticipate continued strong replacement sales to existing iPhone consumers. Second, consistent with management commentary, we anticipate continued high-end smartphone market share gains for the larger screen iPhone 6 devices as our surveys indicate a greater mix of Android smartphone consumers are switching to the iPhone 6 smartphones than in the iPhone 5 series launches. — Canaccord Genuity analyst T. Michael Walkley
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