Jefferies analyst Peter Misek has been quite bullish for BlackBerry. Misek continues a buy rating and a $22 price target for BlackBerry. He stands by this after Asia checks show production for BlackBerry 10 devices have increased and US checks showed the Z10 return rates were normal.

“The build plans have steadily been increased since February,” Misek notes. “Our Asia checks indicate that the builds have recently increased from 2M/month to 2M+. This lends us confidence to our above-consensus May Q (Jef $4.1B/$0.50 vs. St $3.4B/$0.03) and Aug Q (Jef $3.9B/$0.37 vs. St $3.3B/$0.11).”

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Misek also said his checks show there will be 2 to 3 additional BlackBerry 10 devices by year’s end. He claims we’ll see a mid-range keyboard device, a mid-range all-touch device, and a 5-inch Z10-like device.

As for the alleged high return rate for the BlackBerry Z10, Misek says they’re incorrect. “Our anecdotal U.S. discussions contradict recent allegations that Z10 returns are exceeding sales. Overall, our checks indicate typical return rates. Of the few phones that were returned, the only main commonality we found is that buyers thought the Z10 had a keyboard. As it does not, they returned it and will buy the Q10 instead.”

via StreetInsider