Analyst: Despite only 4% market share, iPhone grabs 52% of mobile profits

Canaccord Genuity analyst notes 'epic reversal of fortunes' in mobile industry. Well, yeah.

I know this is from only one analyst, but if his numbers are anywhere near accurate, it's pretty amazing.

In the third quarter, according to Canaccord Genuity analyst T. Michael Walkley, Apple's iPhone had 52% of worldwide mobile profits, despite a global handset market share of just 4.2%.

This leaves 48% of the profits for seven other mobile device manufacturers. Actually, Android-maker Samsung had 29% of Q3 mobile profits, so it actually leaves 19% for everyone else. No wonder Research in Motion and Nokia are in trouble.

Fortune reports that Walkley, in a Friday note to investors, raised his target price for Apple shares to $560 from $545.

Shares of Apple (NASDAQ: AAPL) were trading Friday afternoon at 401.46. The company's stock hit an all-time high of 426.70 on Oct. 17.

Walkley also increased his estimate for iPhone sales in the current quarter to a record 29 million from 27 million.

In his note to investors, Walkley noted the tremendous change in the mobile industry over the past four years, according to Apple Insider:

Calling it an "epic reversal of fortunes," Canaccord noted that in 2007, Nokia had 67 percent of operating profits in the industry, while Apple and its iPhone represented just 4 percent. Now, with more than half of the industry's profits, Apple has switched places with Nokia, which accounts for just 4 percent of operating profits.

Nokia might opt to call it a "tragic" reversal of fortune.

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