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BlackBerry Limited Message Board

  • im712 im712 Jun 20, 2013 12:20 PM Flag

    Barron's BLackBerry Set to Blow Away Consensus for 1Q13, Says Jefferies; Upside Possible, Says Evercore.

    By Tiernan Ray
    The Street today continues to ponder what to expect from BlackBerry‘s (BBRY) fiscal Q1 report for the period ending in May, which is expected to be disclosed on June 28th before market open.

    Following a couple of negative notes yesterday, including a downgrade to Underperform by Bernstein Research’s Pierre Ferragu, Jefferies & Co.’s Peter Misek today makes the bull case, reiterating a Buy rating and a $22 price target, writing that his “checks,” as well as results last night from contract electronics manufacturer Jabil Circuit (JBL), suggest to him the company will blow away Street consensus, perhaps delivering $4.1 billion in revenue and 50 cents profit per share versus the current consensus of $3.39 billion and a 5 cent profit.

    Misek writes that Jabil’s report of 15% sales growth, year over year, in the May-ending period for its “high velocity” manufacturing segment is a good tell for BlackBerry results:

    "We believe Jabil and Wistron are the two main manufacturers of BBRY’s BB10 handsets. Last night Jabil reported strong results in its May Q for its High Velocity segment, which we believe to be primarily sales to BlackBerry: 24% Y/Y (+13% guidance), +34% Q/Q. Aug Q segment guidance of +15% Y/Y (implies -4% Q/Q) is solid and we expect substantial upside. Wistron reported revenues for the month of May of +16% M/M and +21% Y/Y. While BBRY is a ramping customer for Wistron, it was less than 10% of Wistron’s revenues in 2012 with most of Wistron’s business from notebooks, which are quite weak. Wistron’s notebook ODM peers reported May sales of 0% M/M and -7% Y/Y, highlighting Wistron’s outperformance."

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