Shares of Apple predicted to reach $160 on continued strength of iPhone 6

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In a memo to investors on Monday, Canaccord Genuity raised its price target for Apple stock from $155 to $160, based on a belief that there remains plenty of room for expansion in iPhone 6 sales.

Analyst Michael Walkley specifically cited an internal estimate — also previously claimed by Apple CEO Tim Cook — that only 20 percent of people had upgraded to an iPhone 6 or 6 Plus by the end of the March quarter. As a result, Apple should continue to see "strong" replacement sales to existing iPhone owners, Walkley said.

Surveys conducted by Canaccord also reportedly indicated that a "greater mix" of Android users are converting to the iPhone 6 and 6 Plus than did to the iPhone 5, 5s, or 5c. A separate Kantar Worldpanel ComTech study recently noted that across Germany, France, Italy, Spain, and the U.K., roughly 32.4 percent of new iPhone buyers migrated from Android in the last quarter.

The second point echoes observations by a number of other analysts since the launch of the iPhone 6 in September. Commonly, it's argued that Android owners are more willing to consider the iPhone now that the device is offered in larger 4.7- and 5.5-inch screen sizes.

The iPhone 5, 5s, and 5c all used 4-inch screens at a time when many Android devices were already approaching or exceeding 5 inches. At the time, Apple spun the size difference into a marketing point, arguing that the iPhone was easier to grip and use with one hand.