Cupertino is raking in the cash as its competitors struggle to post any profit at all
Canaccord Genuity initiated coverage of Apple (AAPL) Tuesday with a “buy” rating and a price target of $356 per share.
In the long, laudatory accompanying note by T. Michael Walkley, their new Apple specialist, the two paragraphs that jumped out at us were the ones that talked about the company’s ability not just to innovate, but to turn those innovations into cash.
For example, he writes, Apple sold 17 million mobile handsets in the first half of 2010, compared with 400 million handsets sold by Nokia (NOK), Samsung and LG. Yet it pulled in 39% of the industry’s profit during that period, more than the 32% earned by the world’s three largest handset makers combined.
To get a sense of the enormity of this disparity you really have to see it in pie chart form (an earlier version of which failed to include “Others.”) Meanwhile, to give you a feel for how hot Walkley is for Apple, we’ve pasted the text of the two paragraphs that caught our eye below the fold.
[Follow Philip Elmer-DeWitt on Twitter @philiped]