Apple iPhone Gets a New Core

This article was placed on behalf of the U.S. based equity research effort of institutional broker and investment bank Canaccord Genuity. It was part of a series of articles developed under an agreement with to work with a variety of contributors and assist them in delivering actionable investment ideas each week. The site, is one of the top 500 sites in the world with nearly 10 million subscribers and approximately 100 million page views a month.

Following the announcement of the AAPL iPhone 4s, Canaccord technology analyst Mike Walkley reiterated his BUY rating and $545 price target on AAPL. Mr. Walkley said:

“While iPhone 4S may be seen as a mild disappointment by investors as it retains the form factor of iPhone 4, we believe the model features several important hardware upgrades…Further, we believe compelling new capabilities in iOS 5 and iCloud will generate strong sales of iPhone 4S and increased iOS ecosystem stickiness to generate future recurring device sales.”

Regarding the rest of AAPL’s product announcements yesterday, he noted, “With these enhancements to Apple’s high-end portfolio, we believe the company will maintain dominant value share [percent of industry operating income] of the tablet and smartphone markets.”

Mr. Walkley raised his 2011 earnings per share estimate to $27.77 from $27.29, and his 2012 earnings per share estimate to $32.24 from $32.13. He also raised his 2011 and 2012 revenue estimates for AAPL.

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