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Apple iPhone Sales Soaring: Analyst

CUPERTINO, Calif. ( TheStreet) -- Apple's (AAPL - Get Report) iPhone sales are coming in ahead of estimates, according to a report from analyst firm Canaccord Adams.

Analyst Peter Misek reiterated his Apple buy rating and $250 price target in a note released on Monday, according to Barron's.

CNBC reports that Misek raised the company's iPhone estimate from 7.2 million to 7.9 million units.

iPhone
Apple's iPhone sales are swelling.

During Apple's recent first-quarter results, iPhone shipments climbed a massive 100% compared to the same period last year, helping grow the company's overall revenue by more than 30% to $15.68 billion.

Up to this point, consumers have largely driven Apple's iPhone growth, although the technology is said to be creeping into corporate America.

Apple's exclusive iPhone deal with AT&T (T - Get Report) has been said to end this year, and there have been rumblings that Verizon (VZ - Get Report) is in line to snap up the popular smartphone. Last week, however, multiple industry sources and Wall Street analysts were wondering if AT&T's exclusivity with the iPhone would be extended.

Canaccord says the Verizon iPhone is unlikely to arrive until fiscal 2011.

Misek added that version 4.0 of the iPhone operating system will probably launch sometime between March and June, according to Barron's. The analyst also warned that Apple's iPad debut, scheduled for this month, could be "limited in size or potentially delayed by component shortage and production issues".

Apple shares rose $4.23, or 2.07%, to $208.85 on Monday, just outpacing the broader advance in tech stocks that saw the Nasdaq rise 1.39%.

-- Reported by James Rogers in New York

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