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Apple: Canaccord expects strong holiday iPhone sales.

(CercleFinance.com) - Canaccord Genuity anticipates strong holiday season iPhone sales, prompting the Canadian broker to maintain its "buy" rating on the stock, with a target price of 195 dollars.

In a research note sent to clients, the broker said initial iPhone X demand looks "very strong" and is maintaining its estimate of 78.5 million unit iPhone sales for the December quarter.

"We believe Apple continues to grow its leading market share of the premium-tier smartphone market with double digit growth of its installed base during the quarter and believe the iPhone installed base will exceed 635 million exiting 2017," Canaccord says.

According to the broker, this "impressive" installed base should drive strong iPhone replacement sales and earnings, as well as cash flow generation to fund long-term capital returns.

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