Canaccord Adams started its coverage on Apple (AAPL) with a ‘hold’ rating, and Nokia (NOK) and Palm (PALM) with ‘sell’ ratings, saying the worsening economic climate has set the stage for ‘a very difficult 2009’ for consumer electronics companies,” Purwa Naveen Rama reports for Reuters.
“Canaccord Adams, which has a target price of $80 on Apple, said the company’s premium pricing attached to its premium brand could make it more vulnerable as consumer price sensitivities increase,” Rama reports.
MacDailyNews Take: “Could” is the operative word. Steve Ballmer “could” win next year’s Boston Marathon, but the likelihood in our estimation would be low.
Rama continues, “On Nokia, Canaccord Adams said the mobile phone manufacturer may lose market share in the handset space. On Palm, Canaccord Adams said the company has become largely irrelevant in the smartphone space due to a series of strategic errors and poor execution.”
Full article here.
[Thanks to MacDailyNews Reader “Brawndo Drinker” for the heads up.]