Canaccord Genuity Maintains a 'Buy' on Apple (AAPL); Solid Checks; Ramping iOS Base Drives L-T Earnings

Canaccord Genuity maintains a 'Buy' on Apple (NASDAQ: AAPL), PT $480.

Canaccord analyst says, "Our April channel checks indicated strong sellthrough trends for both iPhone and iPad. Based on solid demand trends for iPhone/iPad, poor sell-through of competing tablet offerings, and the ramping iOS ecosystem driving longer term replacement sales, we believe Apple will maintain dominant value share of both the tablet and smartphone markets to drive healthy long-term earnings growth."

"Based on our analysis, we believe Apple’s iOS base will ramp from 125M in F2010 to 246M in F2011 to 404M in F2012. Further, we estimate this ramping iOS embedded base will drive roughly 50M iOS based replacement device sales in F2011 and roughly 98M units in F2012."

For more ratings news on Apple click here and for the rating history of Apple click here.

Shares of Apple closed at $346.66 yesterday.

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