Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Slowing iPhone Sales Before Release of iPhone 5

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target of $775.00.

Analyst, T. Michael Walkley, said, "Our May channel checks indicated the iPhone 4S remained the top selling smartphone in the U.S. market despite gradual share losses at each carrier with the iPhone 4S now eight months old. Despite seasonally slower iPhone sales, we maintain our belief Apple is well positioned for strong C2012/13 sales and earnings growth driven by new product introductions, including the new iPad, the pending refresh of MacBook Air/Pro, an LTE iPhone 5 by October, and iTV in 2013."

See June qtr tracking at 27 million iPhone unit sales vs. 35 mln for March qtr.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $564.29 yesterday.

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