Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Gap in Transition From iPhone 4 to 5

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target of $797.00.

Analyst, T. Michael Walkley, said, "While our monthly channel checks indicated weaker sales trends for the iPhone 4S ahead of the upcoming iPhone 5 launch, our checks also indicated strong consumer interest in and demand for the upcoming iPhone 5. We believe Apple’s industry-leading software ecosystem and leading hardware expertise will lead to a strong multi-year product cycle for its key products. We believe Apple is well positioned for very strong F2013 sales and earnings growth driven by new product introductions, including the recent refresh of the MacBook Air and Pro series, an LTE iPhone 5, iPad Mini, and potentially iTV in C2013."

NOTE - channel checks indicate AT&T's (NYSE: T) top selling phone is the iPhone, but the Galaxy S III is tops at Verizon (NYSE: VZ) and Sprint (NYSE: S).

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 $665.24 yesterday.

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