Jefferies' Peter Misek: Software Features Took the Stage. "The hardware was as expected and much like iPhone 5, the S4 saw little change in design from its predecessor besides a slight increase in size from 4.8" to 5". Samsung focused primarily on its software innovation and interface inputs such as gesture control and Smart Scroll/Pause. While we were impressed overall with our hands-on experience, we await to see how these features perform in the real world and if they are actually used. What does this mean for Apple? We believe the S4 will certainly sell well and it is incrementally negative for Apple; however, the device is not revolutionary, in our view. Aside from the large screen size, which we believe gives Samsung a large advantage over Apple, we believe many of the features can easily be replicated. Additionally, a major complaint amongst Galaxy users is that they do not like Samsung's customized software, especially when it is a downgrade in performance from stock Android features."

Nomura's Stuart Jeffrey: Galaxy S4 to help Samsung overtake Apple. "While clearly a step forward relative to the S3, there is much that is evolutionary about the S4, rather than revolutionary. Nevertheless, we see the S4 potentially helping Samsung to overtake Apple in high-end smartphone shipments during 2013. Our initial thoughts include: • Derivative form factor – the S4 looks rather similar to the S3 and sustains. • Samsung use of plastics as the main backing material. • Some compelling new features, although some will only work with other S4s or new Samsung TVs, arguably limiting their appeal. • 35-40m high-end S4 and Note sales per quarter seems feasible, which would see Samsung overtake Apple in terms of high-end volumes."