BlackBerry (BBRY) Sees Solid UK Q10 Launch, Z10 Still Doing Well in Key Markets - Jefferies

April 29, 2013 7:18 AM EDT
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Price: $7.13 +0.42%

Rating Summary:
    7 Buy, 39 Hold, 16 Sell

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    Up: 30 | Down: 30 | New: 23
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Jefferies' Peter Misek weighed in on BlackBerry (NASDAQ: BBRY) Monday after the Q10 launched in the UK on Friday at the Carphone Warehouses in the high-end Selfridges department stores. Misek also said the Z10 is still selling well.

On the Q10 U.K. launch, Misek said it is going well initially with a broader launch expected this week. "Our checks indicate that initial sell-in was 50+ per store and that this initial stock was quickly sold out," the analyst said. "Salespeople were well-versed on the device and there was more apparent buzz vs. the Z10 launch."

Checks from the firm also showed that Z10 sales in Canada, U.S., and UK remain steady with no inventory or return issues. There was some mention of better Z10 demand due to new advertising, he said, and Z10 builds are unchanged versus the increase two weeks ago with no signs of cuts.

The firm maintained their Buy rating and price target of $22 on BlackBerry and said while the near-term focus continues to be on the phone, they believe the company's mobile device management (MDM) opportunity is underappreciated.

For an analyst ratings summary and ratings history on BlackBerry click here. For more ratings news on BlackBerry click here.

Shares of BlackBerry closed at $15.02 yesterday.

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