Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) received another positive conviction from analysts at RBC Capital Markets, which drove the stock price of the Canadian smartphone manufacturer higher by nearly 4 percent to $14.84 per share on Tuesday.
RBC Capital Markets analyst, Mark Sue believes that the Canadian smartphone manufacturer will be profitable in the current fiscal year. He increased his estimate for the shipments of the new BlackBerry 10 devices from 2.75 million units to 3.5 million units for the first quarter of 2013.
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Research In Motion Ltd (BBRY) Releasing BlackBerry Q5:
In addition, Sue also said that Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) might release its BlackBerry Q5, the cheaper version of its smartphones earlier than expected. He said that the device would probably be available to consumers later this summer. Thorstein Heins, CEO of the company previously stated that the Q5 has the best of everything including the cutting edge functionality and physical QWERTY keyboard of the BlackBerry 10 devices.
Despite his bright insight about the company’s profitability this fiscal year, Sue warned that the long-term picture for Research In Motion Ltd remains blurry. He said, “Competition remains intense and BlackBerry has a significantly diminished market presence.”
In recent days, Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) received a boost of confidence from different Wall Street analysts who noted that the company’s BlackBerry Q10 smartphone is selling better than expected.
Jefferies analysts Peter Misek was the first analyst who noticed the good sales performance of the BlackBerry Q10 particularly after its launching in Canada and United Kingdom. He said the device was well-received in both countries.
Analysts at National Bank Financial (NBF) noted that the BlackBerry Q10 carries high hopes for Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB), and estimated that the company would be able to sell 4 million BB10 devices.
Societe Generale analysts, Andy Perkins estimated that the Canadian smartphone manufacturer has the ability to sell 5 million BB10 devices including 1 million units of BlackBerry Q10 and 4 million units BlackBerry Z10 for the first quarter of 2013.
Maynard Um, analyst at Wells Fargo Equity Research recently stated that the sales of the BlackBerry Q10 device could help Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) beat expectations for its first fiscal quarter. The company is expected to release its earnings report for the period on June 28.
Most recently, Deutsche Bank analyst, Brian Modoff believes that some key international markets could bring a surprise upside for Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) with the strong sales of BB10 devices, and the service revenues might also turn out better than expected providing further cushioning to its margins.