Apple's (NASDAQ:AAPL) Long-Term Earnings Growth Looks Strong

Weighing in after the strong quarterly results of Apple (NASDAQ:AAPL), Canaccord Genuity said they believe Apple's earnings growth is positioned for a long, strong run.

Canaccord noted, "We believe Apple’s industry-leading software ecosystem (over 120M installed base of iOS device sales) and its leading hardware expertise will lead to a strong multi-year product cycle for its key products. In fact, based on Apple’s strong results and solid sales guidance for its March quarter, combined with our expectations of strong longer-term trends for iPhone and iPad sales (with refreshes of both products expected in the next two quarters), we anticipate strong earnings growth longer term for Apple versus our coverage universe."

Canaccord Genuity maintains a "Buy" rating on Apple (AAPL), which was trading at $342.84, up $2.19, or 0.64 percent, as of 12:28 PM EST. Canaccord boosted Apple's price target from $421 to $432.