Description

RBC View:
We believe the global Smartphone market will exhibit growth outperformance (37% CAGR
versus 7% CAGR for the mobile phone market), driven by four key factors: 1) disruptive
innovations in mobile software and hardware; 2) rising consumer/business demand for mobile
data (messaging, browsing, applications); 3) faster wireless networks; and 4) mass market
Smartphone and data pricing. In this report, RBC sizes the global Smartphone market, and
recommends investors with long-term (12-18 month) time horizons overweight Apple
(AAPL), Research in Motion (RIMM), and Microsoft (MSFT). More speculative names we
would recommend include Google (GOOG) and Palm (PALM).