Piper Jaffray Maintains a 'Neutral' on Research In Motion (RIMM); Lowers Price Target on Mixed Sales Data

November 4, 2009 7:19 AM EST

Piper Jaffray & Co. maintains a 'Neutral' rating on Research In Motion (Nasdaq: RIMM), lowers price target from $67 to $63.

Piper analyst says, "Our October channel checks indicated mixed BlackBerry sales as solid sales of the Tour at Sprint (NYSE: S) and Verizon (NYSE: VZ), solid initial sales of the Storm2, and continued carrier promotions were offset in part due to weak sales at AT&T (NYSE: T) and T-Mobile...We maintain our Neutral rating as our longer-term concerns remain increasing smartphone competition and the potential for longer-term declining ASPs and margins."

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RIMM 58.75

+0.33 +0.56%
Volume: 13,239,120
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S 3.69

+0.02 +0.54%
Volume: 53,655,781
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T 27.60

+0.08 +0.29%
Volume: 31,948,142
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VZ 32.70

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Volume: 16,005,651
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