Canaccord Genuity analyst Mike Walkley this morning reiterated his "Buy" rating on Apple's (AAPL) - Get Report stock and hiked his price target to $165 from $154 saying the company has "little to fear" from Samsung's Galaxy S8. 

With the installed base of iPhone users in 2016 Walkley believes the tech titan is set up for "strong" sales of its next version later this year. 

"While the new Galaxy S8 products should slow Apple's momentum in winning new Android customers during the June quarter, we anticipate Apple's new iPhone 8 will compete extremely well with the new Galaxy S8, leading us to increase our iPhone estimates," Walkley wrote. 

He shows Apple having 14.4% of the smartphone markets sales volume this year, an increase from 14.3% last year, and then in 2018 retreating back to 14.3%.

In contrast, he sees Samsung sliding to 19.1% this year from 20.8% last year, and then falling further to 18.8% next year.


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