**Editor’s Note: Click here for our most recent list of hottest selling smartphones to see how Apple’s iPhone fared against the competition.**
When you add up pre-orders and first-weekend sales, Apple is estimated to have sold a staggering 10 million new iPhones.
The larger-screen iPhone 6 and 6 Plus will obviously result in a big third quarter for Apple, which Canacord Genuity analyst Michael Walkley says will help the Silicon Valley giant make up some ground on Samsung in the race for high-end smartphone market share – one Samsung owns by a significant margin considering it has several devices compared to Apple’s single iPhone (despite variations of it).
It’s understandable that Samsung would take the biggest brunt of the Apple onslaught considering it has the most to lose compared to the company’s other smartphone rivals.
All of this will be good for Apple’s stock, Walkley said, raising his price target to $115 per share. The analyst noted that last year’s iPhone, the 5s, was still America’s hottest selling smartphone up until this weekend, according to his company’s research.
“Despite demand currently much stronger than Apple’s ability to supply the iPhone 6 and 6 Plus, we are raising our iPhone estimates and lowering our Android estimates for Q4/2014,” Walkley wrote in a new report. “In fact, we believe as initial surveys indicate a greater mix of Android smartphone consumers switching to the iPhone 6 smartphones than during the iPhone 5 series launches, primarily due to Apple finally entering the larger screen smartphone market segment.”