Canaccord raises Apple price target to $145, estimates iPhone captured 93% of smartphone profits

Apple's domination in the smartphone market compelled Canaccord Genuity to raise its price target on Apple stock to $145 on Monday, advising investors to buy in on the continued strength of the new iPhone 6, which decimated profits for competitors last quarter.






Analyst Michael Walkley of Canaccord issued a note to investors on Monday, a copy of which was provided to AppleInsider, in which he said the growing iPhone user base should help drive steady long-term sales for the company.

In particular, surveys conducted by Canaccord suggest that the larger displays of the iPhone 6 and iPhone 6 Plus have attracted more Android smartphone users than the iPhone 5 and iPhone 5s before them.

A larger iPhone installed base bodes well for future sales, Walkley said, as Apple has a history of retaining customers and selling upgrades. Walkley estimates that there is currently an iPhone installed base of 404 million people, of which he believes only 15 percent have upgraded to the latest-generation iPhone 6 lineup.


Source:
http://appleinsider.com/articles/15/02/09/canaccord-raises-apple-price-target-to-145-estimates-iphone-captured-93-of-smartphone-profits