It's become clear that Android smartphones have outplayed Apple's iPhones in the worldwide marketplace, but the Cupertino giant may have found its groove again with the iPhone 6 -- so much so it's having trouble keeping up with demand.

In a note to investors (obtained by Apple Insider), Canaccord Genuity managing director and analyst T. Michael Walkley states that Apple has not been able to keep up with demand for the high-capacity 64GB and 128GB iPhone 6 and iPhone 6 Plus models in particular.

The resulting supply constraint caused Walkley to increase his target price on Apple stock to $135 and estimate the company's 2015 earnings per share at $8.50. Good news for a company that recently passed the $700 billion mark in terms of market value, making it the largest company in the world by a longshot.

"We believe Apple will continue to garner the majority share of handset industry profits and maintain and even grow its share of high-end smartphone market with the new larger screen SKUs continuing to sell well," Walkley wrote.

"In fact, based on our analysis, we believe Apple dominated the handset industry operating profits and captured a remarkable 86% of (third-quarter) 2014 handset industry profits and should grow its share of industry profits during Q4/2014."

In a survey of 75 AT&T stores on Nov. 26, Canaccord Genuity found that 44 percent had the 16GB iPhone 6 in stock, but only 8 percent had the 64GB variant, and none had the 128GB model. According to store reps for all four major carriers (AT&T, Verizon, T-Mobile, and Sprint), 64GB of memory has proven to be a hit with consumers, with wait times extending into weeks depending on the storage capacity and network.

The iPhone 6 lineup has proven extremely popular with consumers, largely in part due to its larger size. For years Apple never crossed the 4-inch threshold while Android smartphones continue to push well into the 5- and even 6-inch range.

The 4.7-inch iPhone 6 was found by Canaccord Genuity to be the top-selling handset at all four major carriers, followed by its bigger cousing, the 5.5-inch iPhone 6 Plus. Third place went to rival Samsung's Galaxy Note 4 phablet -- a 5.7-inch beast.

Due to the interest in higher storage capacities on the iPhone, Walkley predicted that 63 million iPhone units will be sold in the last quarter of the year at an average of $700 each. In other words, yes, the iPhone is still popular, and Apple should continue to enjoy success off the world's first mainstream smartphone series.

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