Jefferies' Misek Says BlackBerry (BBRY) Z10 Sales BlackBerry (Nasdaq: BBRY) is trading stronger on the session Tuesday amid some positive sentiment related to initial Z10 sales in the U.K. and pre-orders in Canada. (Though not everyone is convinced.)
Jefferies' Peter Misek is out with some comments on BlackBerry today. His team contacted 85 stores in the U.K. during a second round of checks today.
Misek said that almost all stores said they have limited stock, with some sold out of the Z10. He notes that initial shipments ranged from six to 12. Some reported selling a couple per day, with one to three left in stock. Replenishment shipments are expected to maintain those levels at retailers.
Notably, after initial demand for the white Z10, Misek said the black version appears to be selling better.
In Canada, Misek said checks with Rogers (NYSE: RCI), Bell (BCE), and Telus (NYSE: TU) indicated "tens of thousands" of Z10 pre-orders and he believes the number might be around 100,000 units. Checks with retailer du in the UAE also hinted at strong numbers.
Jefferies believes BlackBerry will miss February quarter sales numbers. The firm is modeling sales of $2.5 billion and a loss of 42 cents per share. For the May quarter, the firm sees sales of $4.2 billion and EPS of 33 cents.
Jefferies rates BlackBerry at Buy, with a $19.50 price target.