iPhone 5 still tops, but Galaxy S4 helps Samsung gain share, analyst says
The iPhone 5 is the world's top-selling smartphone, according to Canaccord Genuity, but the Galaxy S4 has put pressure on Apple around the globe.
Apple's iPhone 5 can't be beaten -- for now.
In a research note to investors on Wednesday, analyst Canaccord Genuity reported that in June, the iPhone 5 was the top-selling smartphone "at essentially all global carriers." However, the analysts also found that since the launch of the Galaxy S4 this year, Apple has been losing global market share to Samsung. Canaccord didn't say how much of an impact the Galaxy S4 has had on the iPhone.
But that's not Apple's only issue. Canaccord also believes that "high-tier smartphones," like the iPhone 5 and Galaxy S4, will experience "softening demand" over the next several months. The company was especially surprised by the strong demand for the iPhone 4, which launched a few years ago, and Apple was therefore forced to lower its iPhone sales estimates this quarter down to 28 million from 30 million units.
Still, Canaccord remains somewhat bullish on Apple's shares, pegging its 12-month price target at $530. Apple's latest closing price was $422.35.