In a note to investors on Tuesday, Gus Papageorgiou of Scotia Capital sees Apple’s multiple complaints against Samsung as potentially opening doors for the struggling BlackBerry maker. As Samsung’s latest devices continue to be targeted by patent complaints filed by the likes of Apple and Microsoft, Research In Motion may reap the benefits of these numerous quarrels. He also notes that the new BlackBerry Bold 9900 is already selling well in Europe, however, which means RIM’s potential benefits from the impending ban on Samsung smartphones could be icing on the cake.Pointing specifically to Apple’s recent win barring the sales and marketing of several new smartphones by three European Samsung subsidiaries, Papageorgiou believes sales of RIM’s new BlackBerry 7 devices will be bolstered by the void these devices will leave in certain regions of Europe if the ban goes into effect on October 13th as scheduled. Read on for more.
“These initial victories for Apple do not bode well for Samsung especially in the European market where its market share has moved from 5.0% Q2 last year to 18.8% this year,” the analyst wrote. “In addition to these legal issues, we believe the BlackBerry Bold 9900 is already outselling the Samsung Galaxy S. Based on GSM Exchange’s website, which tracks the top 3 most actively traded devices in Europe, the Bold 9900 is now in the #2 position ahead of the Samsung Galaxy S II and behind the iPhone-4 16Gb.” Papageorgiou raised his price target on RIM stock to $46 from a previous target of $35.60, and he upped his rating to Outperform from Sector Perform.