Canaccord Analyst Comments on Impact of Apple, IBM Deal

Apple AAPL announced an unprecedented sales deal with IBM IBM after Tuesday’s close. Although the deal is multi faceted, investors are focused on the idea that IBM will begin selling iPhones and iPads to its business customers.

“While Apple’s iPhone and iPad devices have grown share of the enterprise mobility market the past several years, particularly in developed markets, we believe this partnership could further accelerate iOS penetration in and share of the global enterprise market,” said Canaccord Genuity’s Michael Walkley in a research note on the deal.

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Walkey further commented that IBM’s abilities in business analytics and domain expertise will make Apple products more effective for business use.

Canaccord currently has a buy rating and $112 price target on Apple. The price target was derived with 15 times 2015 EPS estimates.