Canaccord Genuity Morning Coffee on Research In Motion (RIMM): iLinger
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Price: $14.64 +12.36%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade RIMM Now!
Canaccord Genuity Morning Coffee on Research In Motion (Nasdaq: RIMM): iLinger.
Research In Motion reported Q4F12 sales of $4.2 billion and EPS of $0.80 late Thursday, basically in line with Canaccord Genuity Technology Analyst Michael Walkley’s below-consensus estimates of $4.4 billion and $0.72, once adjusting for the favourable tax rate. Given increased competition, lower services plans to attract customers in emerging markets, an increasing mix of lower ASP BlackBerry devices, and an aging BB 7 portfolio until BB 10 launches around September, RIM management is no longer providing guidance. Given Walkley’s checks indicate deteriorating sell-through trends, he is lowering his already-below-consensus estimates. While RIM management remains bullish on long-term prospects for BlackBerry 10 smartphones, he maintains a more cautious outlook. Walkley believes BB 10 smartphones will launch into an even more competitive smartphone market, as he anticipates continued innovative new Android LTE smartphones (Nasdaq: GOOG), an increase in Windows (Nasdaq: MSFT) smartphone offerings from Nokia (NYSE: NOK) and other OEMs, and a refreshed LTE iPhone 5 (Nasdaq: AAPL). As such, he has modest BB 10 sales estimates. Given Walkey’s lowered BB sales estimates and lowered services sales estimates, he has lowered his F13 EPS estimate from $2.10 to $1.43 and introduced his F14 estimate of $1.19.
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Research In Motion reported Q4F12 sales of $4.2 billion and EPS of $0.80 late Thursday, basically in line with Canaccord Genuity Technology Analyst Michael Walkley’s below-consensus estimates of $4.4 billion and $0.72, once adjusting for the favourable tax rate. Given increased competition, lower services plans to attract customers in emerging markets, an increasing mix of lower ASP BlackBerry devices, and an aging BB 7 portfolio until BB 10 launches around September, RIM management is no longer providing guidance. Given Walkley’s checks indicate deteriorating sell-through trends, he is lowering his already-below-consensus estimates. While RIM management remains bullish on long-term prospects for BlackBerry 10 smartphones, he maintains a more cautious outlook. Walkley believes BB 10 smartphones will launch into an even more competitive smartphone market, as he anticipates continued innovative new Android LTE smartphones (Nasdaq: GOOG), an increase in Windows (Nasdaq: MSFT) smartphone offerings from Nokia (NYSE: NOK) and other OEMs, and a refreshed LTE iPhone 5 (Nasdaq: AAPL). As such, he has modest BB 10 sales estimates. Given Walkey’s lowered BB sales estimates and lowered services sales estimates, he has lowered his F13 EPS estimate from $2.10 to $1.43 and introduced his F14 estimate of $1.19.
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