Canaccord Genuity on Communication/Wireless Equipment: Stronger Sales Weighted to Second Half of Year

June 5, 2012 8:55 AM EDT
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Canaccord Genuity on Communication/Wireless Equipment

Analyst, T. Michael Walkley, said, "Our May channel checks indicated slightly better sales trends than April levels. However, our global checks indicated June quarter smartphone sales are tracking modestly better than seasonally weaker March quarter sales. In the U.S. market, our checks indicated soft smartphone sales due to aging flagship models from Apple (Nasdaq: AAPL) and Samsung somewhat offset by strong demand for but limited supply of new HTC One series smartphones. With the Samsung Galaxy S III smartphones and HTC One Series just starting to ramp volume into the channel combined with our expectations for the iPhone 5 to launch in October, we anticipate more H2-weighted 2012 smartphone sales than normal seasonal trends."

"RIM (Nasdaq: RIMM), Nokia (NYSE: NOK): Struggles continue – Our May checks indicated sales trends remained very weak for both RIM and Nokia globally despite solid Lumia 900 sales at AT&T (NYSE: T). Given the HTC One series and recently launched Samsung Galaxy S III products, we anticipate RIM and Nokia will continue to struggle in the smartphone market. In fact, our checks indicate very high levels of BlackBerry inventory, and we anticipate RIM will need to write down inventory when it reports May quarter results in late June."

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