Apple CEO Tim Cook smiles during a product launch event on October 27, 2016 in Cupertino, California. Apple Inc. unveiled the latest iterations of its MacBook Pro line of laptops and TV app.

Stephen Lam | Getty Images

Apple CEO Tim Cook smiles during a product launch event on October 27, 2016 in Cupertino, California. Apple Inc. unveiled the latest iterations of its MacBook Pro line of laptops and TV app.

Apple’s slice of industry smartphone profits slid from 88 percent during the fourth quarter of 2017 to 83 percent during the first quarter, Canaccord Genuity said Tuesday.

While that statistic speaks volumes to the power of iPhone profit margins, but it also shows competitors are creeping in on Apple.

And even still, Canaccord raised Apple’s price target to $180 based on anticipation of solid 2018 iPhone sales.

But there may be some rocky seas before the new iPhone launches, however.

Canaccord said Samsung’s “improved results” helped chew away at Apple, while reduced losses from Sony and LG also helped even the playing field. Canaccord even included Chinese smartphone maker Huawei in the latest profit estimate report, a company that is finally making inroads in the U.S. by selling devices that don’t require carrier contracts through outlets such as Best Buy and Amazon.

Canaccord expects Apple’s sales to slow through August as consumers anticipate the launch of the iPhone 8 in September. Apple CEO Tim Cook had the same sentiment in a recent exclusive interview with “Mad Money’s” Jim Cramer, where he said leaks and rumors are beginning to crop up earlier, hurting iPhone sales.

Once the iPhone 8 launches, however, Apple’s fortunes should be right back on track.

“Given the anticipated new form factor for the iPhone 8 combined with an ongoing strong mix of larger screen Plus models, we anticipate strong iPhone [average selling price] trends through C2018,” Canaccord said in a note. The company modestly upgraded Apple’s expected EPS for 2017, estimating a range of $10.93 to $11.58. The firm also reiterated its buy rating on the stock.

Also worth noting: Canaccord makes no mention of potential iPhone 8 delays.

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