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BlackBerry (NASDAQ:BBRY): Current price $16.20
The BlackBerry Z10 seems to be taking off faster than observers had predicted, as two research notes give support to reports of strong demand for the first handset of the type. On Monday, Analysts Pierre Ferragu at Bernstein and Jeff Kvall at Barclays reported details of their own Z10 retail checks, which mostly corroborate the findings of an earlier survey by Jefferies. Ferragu cited early enthusiasm for the devices in the United Kingdom as he elevated his target price on RIM shares from $12 to $22, commenting that “We have grown more confident in the likely success of the BlackBerry 10 launch, supported by low channel inventories, strong operator support and material pent-up demand. Initial feedback we have received from distributors on the first days of sales is particularly positive.” Kvaal found similar results from his own channel checks, surveying several BlackBerry vendors in the U.K. over the weekend and heard that BlackBerry Z10 sales were strong, remarking that “Our recent store checks suggest that initial sales of the BlackBerry Z10 are off to a solid, if not healthy start in the U.K. We believe this is a function of strong sell-through versus limited sell-in.
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