Apple's IPhone Installed Base Could Surpass 500 Million This Year

Apple Inc.'s stock target was raised to $160 from $155 at Canaccord Genuity on Monday on expectations that iPhone sales are accelerating and could push the total iPhone installed base above 500 million by the end of this year. Analyst Michael Walkley, who has a buy rating on the stock, also raised iPhone estimates for calendar-year 2015 -- to 233 million units from 227 million -- and for 2016 -- to 237 million from 228 million -- saying Apple's new installment program should encourage users to upgrade faster. His surveys indicate that the larger-screen iPhone 6 Plus and iPhone 6s Plus are enticing more Google Inc. Android users to switch to iOS than in previous hardware cycles. Meanwhile, Apple separately reported on Monday the fastest iOS upgrade rate for iOS 9 in the company’s history. Shares of Apple were up 0.3% in recent trade after opening at $113.67.