Initial BlackBerry (BBRY) Z10 Sales Indicators Positive in Canada, But Shouldn't be 'End All' Data Point

February 6, 2013 9:19 AM EST
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Echoing some of the positive chatter issued on Tuesday, Morgan Stanley is out with initial sales comments for BlackBerry's (Nasdaq: BBRY) Z10 smartphone in Canada. Sales of the device began on Tuesday.

According to checks at 23 stores located in Canada made by Morgan Stanley, sales associates called the devices "excellent" and "fast." Replacement devices were a mix of older BlackBerry models, Apple (Nasdaq: AAPL) iPhone 3GSs, and Google (Nasdaq: GOOG) Android-based devices.

Despite the positive indication, Morgan Stanley did note that few stores reported being out of stock on the Z10. The firm also noted that there may be limited value in U.K. and Canada checks, as those are the strongest-high end market for BlackBerry.

Morgan Stanley also sees "low probability" that BlackBerry 10 (BB10) becomes a viable third-ranked mobile operating system.

Ahead of the bell, BlackBerry shares are down 2.9 percent. The firm last had BlackBerry at Underweight, with a price target of $7 (rating from June 25, 2013).

For an analyst ratings summary and ratings history on Research In Motion Ltd. click here. For more ratings news on Research In Motion Ltd. click here.

Shares of Research In Motion Ltd. closed at $16.02 yesterday.

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