(Updated - September 4, 2018 7:17 AM EDT)

(updated to add analyst comment)

Canaccord Genuity analyst T. Michael Walkley raised the price target on Apple (NASDAQ: AAPL) to $250.00 (from $220.00) while maintaining a Buy rating.

The analyst comments "Given the strong consumer satisfaction with iPhones, we anticipate Apple will continue to grow its global share of the premium smartphone market. Further, we believe Apple’s ecosystem will contribute to strong ongoing growth for services revenue, and we expect the highermargin services revenue growth to continue outpacing total company growth. We believe Apple is likely to launch three new iPhones in September with possible lower price points, and greater segmentation could lead to YoY unit growth in C2019. We believe Apple continues to grow its leading market share of the premium-tier smartphone market and believe the iPhone installed base will exceed 700M in 2018. This impressive installed base should drive strong iPhone replacement sales and earnings, as well as cash flow generation to fund strong long-term capital returns."