In the midst of all the excitement over the new Apple Watch, as some analysts are hailing its arrival, the driving force behind Apple Inc. (NASDAQ: AAPL) continues to be the iPhone 6. Canaccord Genuity took a slightly different perspective on the biggest of all tech giants. The firm did not disregard the Apple Watch entirely, but it used actual sales and included forecasts for the coming quarters to justify its price target hike.

Canaccord Genuity reiterated a Buy rating for Apple and increased its price target to $150, implying an upside of 18.3% from current prices. This valuation is based on shares trading at roughly 15.5 times calendar year 2016 earnings per share (EPS) estimates.

The rating and price target are based on the firm’s surveys that indicate Apple will grow its iPhone installed base to half a billion during 2015, and this large base bodes well for future strong iPhone replacement sales, earnings and cash flow generation.

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Surveys conducted by Canaccord Genuity indicated that the iPhone 6 and 6 Plus were by far the top-selling smartphones at all four top-tier U.S. carriers during the March quarter. Despite the upcoming launch of Samsung’s Galaxy S6 smartphones, the analysts increased their June quarter iPhone estimates as they believe the initial supply of Galaxy S6 devices could be limited, and they anticipate that increased store traffic related to the Apple Watch launch should benefit June quarter iPhone 6 sales.

The iPhone 6 upgrade cycle will result in the installed iPhone base reaching 500 million during 2015, according to Canaccord Genuity. This strong base positions Apple to drive strong sales of future iPhone products, along with additional software, services, accessories, Apple Pay, Apple Watch and more.

Considering supply chain analysis and conversations with distributors, Canaccord Genuity increased its second-quarter fiscal 2015 iPhone estimate to 58 million from 55 million units and raised its third-quarter estimate to 46 million from 44 million units.

Given Canaccord Genuity’s increased iPhone estimates, the firm also raised its fiscal 2015 EPS estimate to $8.94 from $8.53 and its fiscal 2016 estimate to $9.11 from $8.97. The 2015 calendar year estimate was increased to $8.76 from $8.30 and the 2016 calendar year estimate to $9.64 from $9.42.

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Note that Apple will report its fiscal second-quarter earnings on April 27.

Shares of Apple were relatively flat Friday, at $126.80 in a 52-week trading range of $73.05 to $133.60. The stock has a consensus analyst price target of $139.59.

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