Canaccord: Apple Worth $146

Canaccord Genuity wrote in a research note on Friday that Apple Inc.

is worth $146. The firm issued a Buy rating for the technology company with a price target of $146.00. Apple's shares closed on Thursday's trading session at $96.45. The firm lowered their 2016 iPhone estimates from 231M units to 219M units. Canaccord believes that Apple's iPhones have received weak trends from suppliers. Canaccord also noted that global smartphone sales were "slightly down" worldwide for Q4/2015. "Based on our survey work and analysis, we believe Apple is maintaining strong share of the premium tier smartphone market. However,given the similar form factor for the iPhone 6S and softer smartphone global demand trends, we anticipate weaker and down year-over-year 1H/C2016 iPhone sales," the firm commented. While only 31 percent of Apple's iPhone installed base upgraded iPhone 6/6 Plus devices by Q4/FY2015 along with an impressive half a billion install base of consumers, Canaccord forecasts that long-term iPhone sales will be down in year-over-year sales during 1H/C2016. "We believe the iPhone installed base of roughly 500M exiting C2015 should drive strong future iPhone replacement sales, earnings, as well as cash flow generation to fund strong long-term capital returns programs," the firm commented. The company's current consensus price target is of $146.83 and has a 52-week range of $92.00 to $134.54. For investors, Apple's iPhone sales have been disappointing. The company lost an estimated $50 billion out of its market cap this week, down more than 8 percent.