Oppenheimer Lowers Estimates on Research In Motion Ltd. (RIMM); Storm Only Getting Stronger as Foundation at Risk

June 29, 2012 8:04 AM EDT
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Oppenheimer reiterates a 'Perform' on Research In Motion Ltd. (NASDAQ: RIMM).

Analyst, Ittai Kidron, said, "With BB10 now delayed to 1Q-CY13, we're concerned the North America subscriber base could be irreparably harmed and that international markets could follow. The gap's only widening vs. the competition, which is delivering earlier updates to hardware and OS (iOS (Nasdaq: AAPL), Android (Nasdaq: GOOG) and Windows Phone (Nasdaq: MSFT)). The delay also emphasizes that execution issues remain, and we're cautious of expecting much improvement with ~30% of the workforce (5,000 from 16,500) to be cut over the next several quarters."

Kidron slashes FY13 EPS estimate from $0.15 to (1.89) and FY14 from $0.36 to (0.94)

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

Shares of Research In Motion Ltd. closed at $9.13 yesterday.

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