Jan 16 (Reuters) - Canaccord Adams said quarterly results from handset companies may disappoint, despite the latest round of estimate cuts by various brokerages.
For Apple Inc (AAPL.O), the brokerage expects relatively weak iPhone shipments at 4.1 million units, compared with consensus estimate of about 4.5 million to 5.0 million.
The brokerage, which raised its price target on the stock to $90 from $80, said it expects Apple to report first-quarter results roughly in line with consensus.
“In this environment, the achievement will likely be met with relief from the investor base,” analyst Peter Misek said.
Checks on the Mac computer suggest that the company has to some extent been able to buck the trend that has been hampering most consumer electronics stocks in the quarter, he added.
The analyst reiterated his “hold” rating on the stock of the maker of the iPhone, iPod music player and Mac computer.
On Nokia NOK1V.HE, he said the current market estimates for the top cellphone maker’s fourth quarter are too aggressive.
“Our top-line estimates for Nokia are about 2 billion euros below consensus, and we believe that there is even some risk in our own numbers,” said the analyst, who reiterated his “sell” rating and price target of $12 on the stock.
On the long-struggling company Palm Inc PALM.O, Misek said smartphone shipments for the third quarter have been lower than expected so far.
He reiterated his “sell” rating and target price of zero on the maker of Treo and Centro devices.
The company’s new smartphone, Pre, “while exceeding relatively low expectations, is not the homerun that Palm needs to return to relevance,” the analyst said. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Deepak Kannan)