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HTC One M8 sees 'fading sales' as competition intensifies

HTC's newest flagship phone is struggling amid competition from Samsung, Chinese manufacturers, and others, a Canaccord Genuity analyst says.

The HTC One M8 HTC

HTC's newest flagship smartphone is experiencing "fading sales" amid tough competition, an analyst for financial firm Canaccord Genuity said, adding that competition should get even stiffer later this year as more new phone models enter the market.

The negative review comes as the Taiwan company tries to turn around weakening sales of its smartphones, which have been overshadowed by the far larger advertising budgets of major mobile device makers such as Apple and Samsung Electronics.

Analyst Michael Walkley said his firm's US wireless surveys found soft sales for the HTC One M8, which he blamed on "intense high-tier Android smartphone competition," referring to Google's Android operating system.

He added that competition should only intensify for HTC's phones in the second half of the year, as it fights for consumer attention against Samsung's large array of smartphones, Chinese manufacturers' offerings, and the anticipated Apple iPhone 6.

Walkley trimmed his target price for HTC's stock to 130 New Taiwan dollars, from 145 New Taiwan dollars, but maintained a hold rating on the company's shares.

In an effort to hold onto customers and counteract the marketing efforts of its competition, HTC has taken to customer-friendly campaigns, offering a guarantee to access to the latest version of Android and a replacement phone if the glass is cracked within the first year.

An HTC representative wasn't immediately available for comment.