NEW YORK-Investment banking firm CIBC World Markets raised its 2006 handset sales forecast to almost 1 billion phones, supporting claims that the worldwide mobile phone market continues to exceed expectations.
CIBC raised its 2006 sales expectations from 892 million handsets to 920 million. It also raised its 2007 expectations from 956 million to 992 million units.
“Stronger than projected new subscribers in emerging markets and a robust replacement rate in mature markets are driving our increased estimates,” wrote Ittai Kidron with CIBC.
The firm said handset makers Nokia Corp. and Motorola Inc. are best positioned to take advantage of the boost in phone sales, while Qualcomm Inc. should benefit from an intellectual property position.
CIBC is not the first to raise its expectations for the worldwide handset market. Indeed, over the past several years mobile phone sales have consistently exceeded even the most optimistic forecasts.
