Is there a cause-and -effect when it comes to the growth of Apple retail outlets and increasing market for the Cupertino, Calif. company? While pointing to a direct link may be too strong, one analyst is suggestion a potential correlation between the two.

In a report released overnight to investors, Morgan Stanley analyst Katy Huberty talks about the “Positive Correlation Between Apple Store Expansion and Mac Market Share.” Just two examples: Between Sept. 2003 and Sept. 2009, Apple opened 123 U.S. stores. During the same period, the Mac’s U.S. marketshare grew from 3 percent to 9 percent. In Western Europe, after Apple opened 33 stores, the company’s marketshare jumped from 1.5 percent to 5 percent.

All of this as Apple looks to other regions to continue its growth. China appears to be the next country to receive Mac stores – 25 to be exact. China could boost Apple share prices to up to $435 in a year, Huberty contends.

[via Fortune]