Pre-Holiday Gift: Citi Lists Several Ways RIM (RIMM) Will Continue to Lose

September 21, 2012 1:45 PM EDT
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Price: $14.64 +12.36%

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    Up: 30 | Down: 30 | New: 23
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Research In Motion (Nasdaq: RIMM) shares are down about 6 percent on the session Friday following a service outage in EMEA reported earlier. RIM has since said that things are back to normal.

Also back to normal? Analysts becoming bearish on RIM. Today, Citi analyst Jim Suva -- who loves lists -- listing the top reasons things can get worse for RIM. We'd like to make our own list, but it would be BlackBerry nine times with larger keypads as the 10th.

In no particular order:
  1. Lack of new products for upcoming holiday selling season;
  2. Tougher competitive market;
  3. Carriers losing support for BlackBerry;
  4. How the "bring your own device" trend will pan out for corporate customers;
  5. Cash piles are low, another round of financing might be in the works;
  6. RIM isn't looking to break itself up, leaving a glut of over-management; and
  7. RIM isn't looking to be acquired.Citi has a Sell rating on RIM, with a price target of $5. Both of those were reiterated today. With RIM trading around $6.50 today, Citi's price target suggests 23 percent of further downside.

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