Samsung’s (005930) Galaxy s 4 went from rumor to reality Thursday evening and the initial response was generally positive. In BGR’s hands-on Galaxy S 4 preview, we said that the new flagship phone was better than the Galaxy S III in almost every way, though it still feels very cheap for a high-end handset. According to lead Apple (AAPL) bull Brian White, Samsung’s new Galaxy S 4 is a fair refresh but hardly a game changer that Apple investors should concern themselves with.

“Last night, Samsung Electronics hosted an event in New York City to unveil the Galaxy S 4,” the Topeka Capital Markets analyst wrote in a research note Friday morning. “Samsung introduced some interesting new features in the Galaxy S 4 many of which we expect newer smartphones to include as the year unfolds. As such, we view the Galaxy S 4 as a refresh but NOT a game changer. We believe the iPhone 5S will handily outsell Samsung’s new flagship smartphone in the second-half of the year, while we believe Apple will expand its world with a lower-priced iPhone in 2013.”

White says the display on the new Samsung smartphone looks great, but the Galaxy S 4 is still “heavier, fatter and less refined than the iPhone 5.”

“We consider the iPhone 5 a work of art and Apple’s ability to deliver a device that came with a larger screen (4-inch vs. 3.5-inch) versus the 4S but one that was 18% thinner and 20% lighter was a monumental task,” White wrote. “By comparison, the Samsung Galaxy S 4 is 5 inches vs. 4.8 inches for the Galaxy S 3 but only 8% thinner and 2% lighter. At the same time, the iPhone 5 is 4% thinner than the Galaxy S 4 and 14% lighter. With the iPhone 5S expected to launch this summer, we believe Apple has the potential for even further improvements in this department. Also, polycarbonate (i.e., plastic) casing of the Galaxy S 4 is still no match for the aesthetics of the iPhone 5 with the aluminum unibody enclosure.”

Topeka maintained its Buy rating on Apple shares with an $888 price target.

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.