Canaccord Genuity on Wireless Equipment: March Channel Checks Indicate Samsung Eating Into Apple
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Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Canaccord Genuity on Wireless Equipment: March Channel Checks Indicate Samsung Eating Into Apple
Analyst, T, Michael Walkley, said, "Our March channel checks indicated stronger sell-through trends versus February levels with sales rebounding after a slow start to 2012. During March, our checks indicated the iPhone 4S (Nasdaq: AAPL) remained the top smartphone in the U.S. market and Samsung gained share as smartphone penetration grows in U.S. prepaid channels. Top-selling models included the iPhone 4S at AT&T (NYSE: T) / Verizon (NYSE: VZ) / Sprint (NYSE: S), the Samsung Galaxy S II at AT&T/Sprint/T-Mobile, the Motorola Droid RAZR (MAXX) and Samsung Droid Nexus at Verizon, the Samsung Galaxy Note at AT&T, and the HTC Amaze and Samsung Galaxy S Blaze at T-Mobile."
"Our March checks indicated sales trends remained weak for both RIM (Nasdaq: RIMM) and HTC, with current smartphones from these OEMs struggling to sell versus the iPhone and Samsung Galaxy S II smartphones...Our checks indicated a sharp decline in Symbian smartphone sales, leading to smartphone share losses for Nokia (NYSE: NOK)...Qualcomm (Nasdaq: QCOM): Share gains with leading OEMs, increasing mix of LTE smartphones."
"Our global checks also indicated another quarter of strong market share gains for Samsung, particularly in Europe and Asia. In fact, we believe Samsung’s strong smartphone portfolio across all price tiers will result in Samsung’s smartphone shipments increasing a remarkable 15%-plus sequentially during the seasonally weak March quarter....we believe Samsung’s broad range of SKUs and price points has resulted in share gains within the growing pre-paid smartphone market.”
Estimates showed that in 1Q/12E Samsung took 28.2% of Smartphone market share while Apple (AAPL) took 22.4%.
Analyst, T, Michael Walkley, said, "Our March channel checks indicated stronger sell-through trends versus February levels with sales rebounding after a slow start to 2012. During March, our checks indicated the iPhone 4S (Nasdaq: AAPL) remained the top smartphone in the U.S. market and Samsung gained share as smartphone penetration grows in U.S. prepaid channels. Top-selling models included the iPhone 4S at AT&T (NYSE: T) / Verizon (NYSE: VZ) / Sprint (NYSE: S), the Samsung Galaxy S II at AT&T/Sprint/T-Mobile, the Motorola Droid RAZR (MAXX) and Samsung Droid Nexus at Verizon, the Samsung Galaxy Note at AT&T, and the HTC Amaze and Samsung Galaxy S Blaze at T-Mobile."
"Our March checks indicated sales trends remained weak for both RIM (Nasdaq: RIMM) and HTC, with current smartphones from these OEMs struggling to sell versus the iPhone and Samsung Galaxy S II smartphones...Our checks indicated a sharp decline in Symbian smartphone sales, leading to smartphone share losses for Nokia (NYSE: NOK)...Qualcomm (Nasdaq: QCOM): Share gains with leading OEMs, increasing mix of LTE smartphones."
"Our global checks also indicated another quarter of strong market share gains for Samsung, particularly in Europe and Asia. In fact, we believe Samsung’s strong smartphone portfolio across all price tiers will result in Samsung’s smartphone shipments increasing a remarkable 15%-plus sequentially during the seasonally weak March quarter....we believe Samsung’s broad range of SKUs and price points has resulted in share gains within the growing pre-paid smartphone market.”
Estimates showed that in 1Q/12E Samsung took 28.2% of Smartphone market share while Apple (AAPL) took 22.4%.
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