Research In Motion (RIMM) Seeing No Adverse Impact From iPhone 3G Launch - Canaccord Adams

July 16, 2008 5:53 PM EDT
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Price: $14.64 +12.36%

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Canaccord Adams is raising estimates on Research In Motion Ltd. (Nasdaq: RIMM) following recent channel checks, saying they believe RIM's device shipments and activations are about 20-30% ahead of plan for June and July (thru the 14th).

Canaccord Adams said at AT&T, the iPhone carrier, RIM sales in June were up 20% and July is tracking to be flat to up 5%. The firm said, "Blackberry sales have seen no adverse impact from the recent iPhone 3G launch." In fact, they said, RIM may be benefiting from Apple's marketing dollars.

Canaccord said they would not be surprised to see a positive pre-announcement for the August quarter. Canaccord raised their Q2 revenues and EPS estimates from $2.62B and $0.89 to $2.67B and $0.92.

Canaccord is reiterating their Buy rating and $225 price target on RIM and said the stock continues to be on their Best Ideas list.

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