Canaccord Genuity Lowers Estimates on Research In Motion (RIMM); Channel Checks Indicate Weak Sales

Canaccord Genuity maintains a 'Hold' on Research In Motion (NASDAQ: RIMM) price target of $15.00.

Analyst, T. Michael Walkley, said, "Our January checks indicated weak sell-through trends for the new BlackBerry 7 smartphones despite increased marketing efforts. With very strong share gains for the iPhone 4S (Nasdaq: AAPL), increasingly price competitive Android smartphones, improving Windows (Nasdaq: MSFT) smartphones, and strong sales of the affordable 7 inch Amazon Kindle Fire (Nasdaq: AMZN) tablet, we anticipate increasing competition across all tiers of RIM’s products in C2012...We are lowering our F2012 pro forma EPS estimate from $3.48 to $3.37 and our F2013 estimate from $2.50 to $2.10."

For an analyst ratings summary and ratings history on Research In Motion click here. For more ratings news on Research In Motion click here.

Shares of Research In Motion closed at $16.49 yesterday, with a 52 week range of $12.45-$70.54.

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