The upcoming holiday quarter is looking quite good for Apple's iPhone range. According to a research note from analyst firm Canaccord Genuity, iPhone 4S was the best selling smartphone in October (despite only being available for half the month) on all of the carriers offering the handset: AT&T, Verizon and Sprint.
Apple's most recent smartphone was released to the market in the middle of last month and has surpassed most analysts' expectations. Meanwhile its predecessor, the iPhone 4, has not seen a big fall in sales with the report showing it was still among the top three best selling smartphones last month.
The iPhone 4's success could rely partly on Apple's strategy to drastically reduce the prices of previous models; users can now get their hands on iPhone 4 for just $100, with a carrier contract. Should the trend continue, it is more than likely we will see record sales for Apple's iPhones in the holiday season.
Mike Walkley, analyst for Canaccord, raised his estimates for iPhones sales in the fourth quarter from 27 million units to 29 million units. Consequently, Walkely also increased his price target for Apple stock from $545 to $560.