Credit Suisse analyst Kulbinder Garcha says he lowers his smartphone industry volume forecasts to 154 million and 177 million in 2009 and 2010 amid signs of slowing smartphone growth and concerns over affordability (total cost of ownership remains around $800).
Garcha thinks Research In Motion's (RIMM) share gains will slow given share loss in North America. Globally, he expects RIM's smartphone market share to be 17%/17.4% in 2009/2010, leading to unit volumes for RIM of 26 million and 26.3 million in fiscal year 2009 (February and fiscal year 2010.
He cuts fiscal year 2010 EPS view 20% to $2.94; introduces below-consensus fiscal year 2011 estimate of $3.36. He cuts $45 price target to $37.
Monday, February 16, 2009
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