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Apple's iPhone

Paul Sakuma/AP2009

Apple's 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 (U.S.) price target in a note released on Monday, according to Barron's. CNBC reports that Mr. Misek raised the company's iPhone estimate from 7.2 million to 7.9 million units.

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

Story continues below advertisement

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 has been said to end this year, and there have been rumblings that Verizon 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%.

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