Nokia's (NOK) Lumia Sales Show Promise, But That's It - Canaccord Genuity
Tweet Send to a FriendGet Alerts NOK Hot Sheet
Price: $3.73 +1.08%
Rating Summary:
10 Buy, 14 Hold, 15 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
10 Buy, 14 Hold, 15 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade NOK Now!
Canaccord Genuity reiterated their Hold rating and $3 price target on Nokia (NYSE: NOK) on mixed initial Lumia sales.
"Our November channel checks indicated solid initial sales of Nokia's Lumia smartphones at AT&T and also in international markets," analyst T. Michael Walkley comments. "However, limited initial supply was cited as the reason for early post-launch stock-outs at some carriers versus overwhelming demand."
The firm said it is still to early to determine if solid initial sell-through trends are sustainable. In fact, checks shows that Apple's iPhone 5 and Samsung's Galaxy S III may have extended dominant share trends at almost all tier-1 Western carriers. "While we are impressed with the new Lumia devices and growing Windows application ecosystem, we maintain our modest Lumia sales estimates and our belief 2013 remains another challenging transitional year."
Checks showed that Lumia 920 was the top-selling Windows smartphone at AT&T and #3 selling device at that channel. However, iPhone dominated AT&T's sell-through volume. Further, checks showed HTC 8X outsold the Lumia 820/22
at both T-Mobile and Verizon, with overall Windows Phone sales trailing iPhone and Samsung Galaxy S III sales at Verizon and Samsung Galaxy S III and Note II sales at T-Mobile by wide margins.
"Our checks indicated early post-launch stock-outs at several European carriers were due to early adopter demand and limited initial supply. We believe it is too early to determine if Nokia can maintain some early sales momentum, and we believe Nokia's Q4/12 results are tracking in line with its cautious guidance for below-normal seasonal smartphone sales."
For an analyst ratings summary and ratings history on Nokia click here. For more ratings news on Nokia click here.
Shares of Nokia closed at $3.26 yesterday, with a 52 week range of $1.63-$5.87.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
"Our November channel checks indicated solid initial sales of Nokia's Lumia smartphones at AT&T and also in international markets," analyst T. Michael Walkley comments. "However, limited initial supply was cited as the reason for early post-launch stock-outs at some carriers versus overwhelming demand."
The firm said it is still to early to determine if solid initial sell-through trends are sustainable. In fact, checks shows that Apple's iPhone 5 and Samsung's Galaxy S III may have extended dominant share trends at almost all tier-1 Western carriers. "While we are impressed with the new Lumia devices and growing Windows application ecosystem, we maintain our modest Lumia sales estimates and our belief 2013 remains another challenging transitional year."
Checks showed that Lumia 920 was the top-selling Windows smartphone at AT&T and #3 selling device at that channel. However, iPhone dominated AT&T's sell-through volume. Further, checks showed HTC 8X outsold the Lumia 820/22
at both T-Mobile and Verizon, with overall Windows Phone sales trailing iPhone and Samsung Galaxy S III sales at Verizon and Samsung Galaxy S III and Note II sales at T-Mobile by wide margins.
"Our checks indicated early post-launch stock-outs at several European carriers were due to early adopter demand and limited initial supply. We believe it is too early to determine if Nokia can maintain some early sales momentum, and we believe Nokia's Q4/12 results are tracking in line with its cautious guidance for below-normal seasonal smartphone sales."
For an analyst ratings summary and ratings history on Nokia click here. For more ratings news on Nokia click here.
Shares of Nokia closed at $3.26 yesterday, with a 52 week range of $1.63-$5.87.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- Wells Fargo Upgrades Rosetta Resources (ROSE) to Outperform, Shares Attractive
- Deutsche Bank Downgrades TRW Automotive Holdings (TRW) to Hold
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Canaccord Genuity
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
