As Apple gobbles up industry profits with the iPhone, analyst anticipates AAPL shares to reach $356

Wed, Sep 22, 2010

Finance, News

Fortune reports that Canaccord Genuity recently initiated its coverage of Apple with a “buy” rating and an impressively high stock target of $356. Driving the companies bullish outlook on Apple, analyst T. Michael Walkley explains that it’s not just Apple’s innovative products that are at work here, but the company’s ability to churn out immense profits from those innovations.

As an example, Walkely points out that while iPhone sales only account for a small sliver of total mobile handset sales, Apple’s share of industry profits comes in at a whopping 39%. But as the saying goes, a picture is worth a thousand words – and with that, check out the telling chart below.

via Fortune


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