Blackberry (BBRY) Z10 Progressing as Expected, Says Wells Fargo; Goldman Disagrees

March 25, 2013 8:40 AM EDT
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Wells Fargo analyst Maynard Um put out a note today discussing his take on Blackberry (Nasdaq: BBRY) Z10 sales in the U.S. In his view, despite early reports of disappointing sales on Friday, there is no cause for alarm and the launch is progressing as expected.

"Our conversations with store representatives indicated some stores saw good demand while others saw limited traffic though overall discussions support our view that Z10 sales were solid within its target consumer installed base," said Um. "Based on units received by each AT&T store we checked, we believe Z10 shipments could be above our 115k units per launch carrier assumption we initially calculated for the February quarter. This excludes shipments to retailers such as Best Buy, which we believe also saw solid sales."

Um's view is contrary to the view of analyst Simona Jankowski of Goldman Sachs. This morning the firm downgraded BlackBerry from Buy to Neutral, citing "limited marketing and tepid sell-through at AT&T and Best Buy stores alike."

Wells Fargo has an Outperform rating on Blackberry with a valuation range of $19 to $20.

For an analyst ratings summary and ratings history on BlackBerry (Nasdaq: BBRY) click here. For more ratings news on BlackBerry click here.

Shares of BlackBerry closed at $14.91 yesterday.

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