Apple has doubled its share of the mobile web browser market since launching iPhone 3G six weeks ago, according to Pacific Crest technology analyst Andy Hargreaves. Still quite a small pebble in a large pond, at 0.31% of the total mobile browser market, iPhone’s “accelerating web usage highlights…key long-term advantages” for Apple and the company’s investors, Hargreaves says. Coupled with the recent announcement that iPhones will be carried at Best Buy outlets beginning in September, he predicts Apple will easily sell more than the 3.5 million iPhones Wall Street expects in its third quarter.
Despite some continuing worry about the health of the general economy, Hargreaves and other analysts see the iPhone as very bullish for the price of Apple, Inc. shares. Consensus targets are in the $200 – $225 per share range; the stock closed today at $173.53.