While investors were clearly happy with Apple Inc. (NASDAQ:AAPL)’s latest quarterly results, it’s important to keep those results in mind when looking at the company’s biggest competitor—Samsung. Stifel analysts Aaron C. Rakers, Sanjiv R. Wadhwani, Joseph Quatrochi, Andrew Chin and William C. Peterson issued a report to investors after Samsung’s latest quarterly results were announced. They examined those results and determined what it means for Apple Inc. (NASDAQ:AAPL).

Apple Samsung

After their analysis, they lowered their price target for shares of Apple Inc. (NASDAQ:AAPL) to $540 per share this week, although they’ve kept their Buy rating on the stock.

Apple vs. Samsung in growth

In its latest quarterly results, Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) reported 54% year over year growth or 9% sequential growth. Apple Inc. (NASDAQ:AAPL), however, saw only 15% year over year growth and a 21% decline sequentially.

Apple reported that it shipped 31.2 million iPhones during the June quarter, while estimates from some firms place Samsung’s shipments at around 75 million. The company does not release those numbers officially.

Apple, Samsung both lose shipment share

IDC released its latest smartphone shipment estimates for the June quarter, and it showed a decline in iPhone shipments. For the second quarter, they were 13%, compared to 18% in the previous quarter and 19% in the same quarter a year ago.

Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) also saw its shipment share fall for the quarter, dropping to 30.4% from 33% in the previous quarter, although in the same quarter a year ago, it was about 30%. The analysts name competitors Lenovo, ZTE and Huawei as being the major gainers in terms of shipment share for the quarter.

Apple’s smartphone revenue share falling

The analysts note also that in terms of smartphone revenue, Apple Inc. (NASDAQ:AAPL) is losing as well. They estimate the company’s iPhone revenue share to have fallen by 600 basis points sequentially and 200 basis points year over year. Meanwhile Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930)’s revenue share seems to have increased by 500 basis points sequentially.

Samsung beats Apple in tablets too

Of course the weakest part of Apple Inc. (NASDAQ:AAPL)’s results this week was it iPad shipments, which fell for the first time in a June quarter. iPad shipments fell 25% sequentially, although Samsung estimated that its tablet shipments grew somewhere in the mid 10% sequential range during the quarter.

So overall, the analysts still see Apple Inc. (NASDAQ:AAPL) as a good investment, although they see some signs that Samsung is starting to beat it. The launch of the next iPhone will be a key part of Apple Inc. (NASDAQ:AAPL)’s market shares going forward.