Volume opportunity still underappreciated
Reiterate Outperform. We expect RIM to continue to benefit from
smartphone market growth (+20%/+27% yoy in 2009/10) and believe that
the company’s 21% global share is sustainable. Trading at a P/E of 12.4x
our FY11 EPS of $5.32 versus the peer average of 13.1x, we believe shares
are inexpensive given a revenue/earnings CAGR of 29%/24% (FY09-11).
(For details on our sector 2010 outlook, please see our slides dated Jan 5.)
read full report below
http://www.scribd.com/doc/24842917?secret_password=1yl4vuzi6vwdxt17eiq1
No comments:
Post a Comment