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TORONTO (Reuters) – Shares of BlackBerry slid more than 5 percent on Tuesday after Pacific Crest Securities issued a downbeat report on sales momentum for smartphones running BlackBerry 10.
Pacific Crest analyst James Faucette, who has a underperform rating on the company’s stock, said he believes initial shipment and sales volumes for the BlackBerry Q10 have not been strong.
Faucette said sales of the BlackBerry Z10 – a full touchscreen device also powered by the new BB10 operating system – are slowing down as well.
“We believe the production levels of 1.5 million to 2 million units per month are well in excess of the sell-through,” Faucette said in a note to clients on Tuesday, adding that the company is likely going to be forced to cut production levels.
BlackBerry’s shares were down 5 percent at $14.80 in afternoon trading on the Nasdaq, while its Toronto-listed stock was down 5.5 percent at C$14.88.
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