Apple Stock Target Raised As IPhone Installed Base Balloons

An unprecedented number of customer switches to Apple Inc.'s iPhone from Google Inc.'s Android may help boost the iPhone installed base 26% year-over-year to 505 million users in 2015, according to Canaccord Genuity analysts, who raised their price target on Apple to $160 from $155 Monday morning. "Our surveys indicate a greater mix of Android smartphone consumers are switching to the iPhone 6 smartphones than in the iPhone 5 series launches," the analysts said. They also estimate that only 20% of the current iPhone installed base had upgraded to iPhone 6 smartphones by the end of the second quarter, leaving more room for growth among Apple's existing customer base. In the first two fiscal quarters of 2015, Apple sold 135.7 million iPhones, however its shares are only up 1% over the last three months. They traded down 1% to $126.31 on Monday.