Apple Inc. (AAPL) iPhone5 Is The Top Selling Smartphone [SURVEY]

According to a recent report from Canaccord Genuity their February wireless store surveys indicated normal seasonal trends with softer smartphone sales versus December quarter monthly sales rates. While sales were seasonally slower in February, Apple Inc. (NASDAQ:AAPL) and Samsung Electronics Co., Ltd. (KRX:005930) maintained dominant market share positions. Consistent with the past several months, their surveys indicated an increasing mix of LTE smartphones led by sales of the LTE iPhone 5 and the LTE versions of Samsung’s Galaxy SIII and Galaxy Note II smartphones.

Further, their February handset market surveys and conversations with global distributors at MWC indicated solid sales in the Chinese smartphone market during Chinese New Year with continued strong sales of affordable 3G smartphones.

In the U.S. market, the iPhone 5 was the top selling smartphone at AT&T/Verizon/Sprint. Other top selling smartphones in the U.S. market included the Samsung Galaxy S III at all four tier-1 carriers, the Samsung Galaxy Note II at T-Mobile/Sprint/Verizon, the Nokia Lumia 920 at AT&T, and the Google Nexus 4 at TMobile.

top smartphone models

Updated Analysis And Details:

Apple Inc. (NASDAQ:AAPL) [$430.47 : BUY]

Canaccord’s surveys indicate solid Apple Inc. (NASDAQ:AAPL)’s iPhone sales with normal seasonal sales decline.

Canccord’s February wireless store surveys indicated solid sales of the top-selling iPhone 5 at AT&T/Verizon/Sprint. While Apple Inc. (NASDAQ:AAPL)’s iPhone maintained its leading market share, overall sales declined in line with normal seasonal patterns, and the research firm’s estimate February sales were softer versus January levels. Further, Canaccord believe the iPhone 5 was the top selling smartphone at AT&T/Sprint/Verizon and overall the best-selling smartphone in the U.S. market.

Finally, their surveys indicated solid global sales of legacy iPhone 4/4S models at reduced prices. While the firm believe Apple Inc. (NASDAQ:AAPL) is working on new iPhone products potentially for both the low-end and high-end markets, they believe Apple Inc. (NASDAQ:AAPL) needs new products by the June quarter or may risk losing material market share to an impressive lineup of Android smartphones during 1H/C2013.

In fact, with Samsung showcasing the most impressive portfolio of smartphones and tablets in firm’s analysts’ opinion at MWC combined with their belief the Galaxy S IV will start shipping by early April, they believe Samsung may extend its market share gains versus Apple Inc. (NASDAQ:AAPL) and capture increasing profit share from Apple Inc. (NASDAQ:AAPL)  in 1H/C2013. If Apple Inc. (NASDAQ:AAPL) does not have new iPhone products before the end of June, then analysts believe Samsung could pass Apple Inc. (NASDAQ:AAPL) for share of industry profits by Q2/2013.

The research firm reiterate their BUY rating and $650 price target for Apple Inc. (NASDAQ:AAPL).