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(Hosting-NewsWire.com, November 29, 2012 ) San Francisco, CA -- Since HTC Corp settled its global patent dispute with Apple Inc., sales of the Taiwanese company’s smartphones are off to a roaring start.
That is according to Goldman Sachs, which indicated in a recent report that initial feedback on HTC’s new products has been positive. The brokerage raised its target price for HTC from NT$200 ($6.87) to NT$250 but kept a "neutral" rating on the stock.
Goldman Sachs reported that the black HTC 8X, which uses the Windows Phone 9 operating system, has sold out in Taiwan, while consumer inquiries on other model colors, none of which are available to the public yet, are high.
Meanwhile, in October, HTC released its One Sx model in China, where demand remains high.
"HTC seems to have kicked off a decent product cycle, with differentiated smartphones and revamped marketing strategies," said Robert Yen, a Taipei-based analyst at Goldman Sachs. "Such demand is probably solid, as major competitors' launches are now over.”
However, Yen added that HTC did not plan its manufacturing and logistics well, in that it is not equipped to fulfill demand.
Bank of America Merrill Lynch, which gave HTC an “outperform” rating, said HTC needs to recover its sales momentum and market share before it makes any moves. The company wrote the following in a report: "We believe this will ease pressure on HTC from the patent lawsuit initially, while the long-term growth momentum remains closely associated with HTC's product innovation and brand recognition in the global market.”
The report refers to an agreement made by HTC and Apple earlier this month to settle their global patent disputes, which began in 2010, by dropping all then-current lawsuits.
A spokesperson for HTC said the settlement will not affect its financial forecast for the current quarter, which was issued in late October prior to announcement of the settlement.
Taipei analyst CK Cheng, who works for CLSA Asia-Pacific Markets, said he does not understand why HTC is keeping its current projections for the quarter, but added it is possible that HTC is making allowances for whatever funds Apple is seeking in the settlement.
HTC shares increased by 2.33% to close at NT$241.5 (US$8.28) Wednesday in Taipei, while the broader market closed down 0.8%.
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Source: EmailWire.Com
Source: EmailWire.com
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