Following both supply chain and sales checks, BMO joins Pac Crest in asserting BB10 (BBRY -1.4%) channel inventories are rising. "Last quarter, we assumed 300k–400k of sell-through on 1M of sell- in for BB 10 devices. We believe May could have an even larger ... discrepancy," says analyst Tim Long. He thinks strong sell-in could let FQ1 sales beat expectations, but doesn't see the momentum lasting. Long also believes FQ1 sub losses could total 2M, and sees falling emerging markets carrier ARPUs pressuring service revenue. Raymond James, meanwhile, thinks BB10 sell-through "might have been slower than expected," and forecasts sub losses of 3M. (Bernstein) (RBC)