Canaccord Genuity on Communication/Wireless Equipment: Nov. Checks Indicate Continued Strength for Apple, Samsung

December 6, 2011 9:57 AM EST
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Canaccord Genuity on Communication/Wireless Equipment

Analyst, T. Michael Walkley commented on stocks in his coverage universe following Black Friday and Cyber Monday:

Apple (Nasdaq: AAPL): "...New features introduced through iOS 5 and iCloud have significantly enhanced Apple’s leading iOS ecosystem, and this should lead to strong replacement sales cycles for both iPhone and iPad and help drive strong longer term earnings growth."

QUALCOMM (Nasdaq: QCOM): "Overall, we maintain our belief Qualcomm is well positioned to post strong earnings growth during Q4/F2012 and F2013 due to stable royalty rates, strong 3G/4G connected tablet and smartphone sales, increasing market share for Qualcomm’s integrated chipsets, and accelerating 3G device sales in emerging markets such as China and India."

Research In Motion (Nasdaq: RIMM): Given our belief BBX has a low probability of emerging as a viable long-term smartphone ecosystem versus iOS, Android or even Windows, combined with our belief RIM will struggle to grow its subscriber base longer term, we do not believe RIM can sell the company at a large premium to its current valuation. . . While we anticipate RIM will ship its first BBX smartphones around May 2012, we believe these new smartphones will remain well behind Android smartphones and the iPhone."

Nokia (NYSE: NOK): "We continue to view 2012 as a transitional year for Nokia with a steady ramp in Windows smartphones unlikely to offset declining Symbian sales until at least H2/12."

Brightpoint (Nasdaq: CELL): "...We believe Brightpoint should continue to grow units handled faster than the wireless handset market grows, and an increased mix of smartphones should drive continued solid distribution ASP trends."

Motorola Mobility (NYSE: MMI): "Our checks indicated solid sales of the Motorola Droid Bionic as well given its lower price and extended-life battery. However, we believe these share gains might be short lived given our checks indicating strong ongoing sales for iPhone 4S and the discounted iPhone 4."

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