Canaccord Genuity analyst Michael Walkley joined the crowd today, reiterating a Buy rating and a $135 price target on Apple (NASDAQ:AAPL) shares, as the company reported very strong December quarter results above Canaccord and consensus estimates.

Walkley wrote, “We believe the strong results and solid guidance are consistent with our surveys and analysis indicating a record iPhone 6 upgrade cycle driven by two primary reasons. First, we believe the iPhone 6 and 6 Plus smartphones are generating very strong replacement sales for existing iPhone consumers who slowed the pace of iPhone upgrade purchases during the relatively disappointing iPhone 5 and 5s product cycles. Second, we anticipate F2015 high-end smartphone market share gains for Apple due to surveys indicating a greater mix of Android smartphone consumers switching to the iPhone 6 smartphones than the iPhone 5 series launches primarily due to Apple entering the larger screen smartphone market segment.”

The analyst added, “We believe these trends should grow Apple’s sticky iPhone installed base and bodes well for future strong earnings and cash flow generation as evidenced by the record $33.7B in cash flow from operations during the quarter.”

Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players worldwide.