FORTUNE — In a note to clients Friday, ISI’s Brian Marshall offers a chart and some commentary on Samsung’s disappointing earnings warning.
- The chart shows just how far Apple’s (AAPL) shares fell after the launch of the iPhone 5 and how much further Samsung’s would have to fall to come anywhere close.
- Comparing Apple’s iPhone sales reports to Samsung’s reports on Galaxy shipments, he estimates that Apple hit the 20 million unit mark in less than half the time it took its strongest smartphone competitor to do the same.
Marshall reiterate a STRONG BUY rating (emphasis his) on Apple and a $600 price target.
“We expect,” he writes, “strong product refreshes in the iPhone and iPad families (~85% of AAPL’s gross profit generation) over the next ~9 months (e.g., low-cost iPhone, iPhone 5S, iPad mini 2, 5.0” iPhone, etc.) to drive an earnings re-acceleration.