“Apple is nowhere close to satisfying the demand for its bigger-screen iPhone 6 series phones, Canaccord Genuity analyst Michael Walkley said in a research report Tuesday,” Patrick Seitz reports for Investor’s Business Daily. “”
“Only 20% of the installed base of iPhone users have upgraded to the latest handsets, leaving a sizeable market left to tap, he said,” Seitz reports. “In addition to replacement sales from existing customers, Apple should continue to gain market share in the high-end smartphone segment from Google (NASDAQ:GOOGL) Android switchers, Walkley said.”
“Apple should be able to grow its iPhone installed base to over 500 million users by year’s end, he says,” Seitz reports. “Walkley reiterated his buy rating on Apple stock with a price target of 160. Apple stock fell 2.5% Wednesday to 122.60, a more than three-month low.”
Read more in the full article here.
MacDailyNews Take: As we wrote this morning:
With only 20-25% of iPhone owners having upgraded to iPhone 6 and iPhone 6 Plus, there is plenty of headroom for iPhone sales to come!