Apple stock target raised as Android to iPhone upgrades surge
“An unprecedented number of customer switches to Apple Inc.’s iPhone from [phones running] Google Inc.’s Android may help boost the iPhone installed base 26% year-over-year to 505 million users in 2015, according to Canaccord Genuity analysts, who raised their price target on Apple to $160 from $155 Monday morning,” Jennifer Booton reports for MarketWatch.
“They also estimate that only 20% of the current iPhone installed base had upgraded to iPhone 6 smartphones by the end of the second quarter,” Booton reports, “leaving more room for growth among Apple’s existing customer base.”
