Needham & Co. analyst Charlie Wolf issued new guidance to clients this morning in which he predicted the iPhone could take over the smartphone market.
Pointing to Apple’s fourth quarter results Wolf notes that the iPhone, “has emerged as largest revenue and income generator in the company’s product portfolio.”
“We’re maintaining our Strong Buy
rating, our price target of $240 and our 2009 earnings per share estimate of $5.65,” the analyst added.
Needham Co. analyst Charlie Wolf this morning upgraded Research in Motion from an underperform to a hold rating because the company’s current share price fully reflects any slowdown in the growth of BlackBerry’s sales, the analyst explained.
Wolf downgraded RIM to underperform on July 16 to take into account potential impact of the iPhone on BlackBerry sales in the consumer market.
Needham & Co. analyst Charles Wolf thinks Research In Motion is deluded in its guidance, slamming the firm with an under-perform rating on strength of increased competition from the iPhone and other manufacturers.
Wolf despatched the following message to clients today: “RIM reported second quarter results in line with guidance. The major disappointment was guidance going forward – the prospect of lower gross margins extending through 2010. We believe the company is fooling itself in ignoring the increasingly hostile competitive environment. We’re maintaining our under perform rating and reducing 2009 and 2010 earnings estimates. ”
Apple’s iPod is becoming the poor relation as the company slugs away at promoting the iPhone, remarked Needham & Co. analyst, Charles Wolf, in a note to clients released this afternoon.
Wolf explained that in his opinion the two “most important aspects of Apple’s “Let’s Rock” event in San Francisco were Steve Jobs’ health and a software update for the iPhone.”
The analyst pointed out that an energetic Jobs may be a little slimmer than before (rather like the iPod range he was promoting), but slim needn’t mean grim.
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