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.

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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