RIM (RIMM) Adds New Subscribers... in Africa

September 26, 2012 8:45 AM EDT
Get Alerts RIMM Hot Sheet
Price: $14.64 +12.36%

Rating Summary:
    0 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
Trade RIMM Now!
Join SI Premium – FREE
Commenting on info from Research in Motion (Nasdaq: RIMM) BlackBerry Jam Americas Event in San Jose, TD Securities analyst Scott Penner highlighted key events. One positive for the company was the updated Q2 subscriber base of 80mm (implying about 2mm sub adds versus consensus for a loss of 243k).

“On the flip side, other than a more in-depth look at the flow UI and its integration into third-party apps, no new BlackBerry 10 functionality was shown,” said Penner.

He views the event has slightly positive for RIM. “Developers we spoke with were leery but positive. There was no update to the current timeline of Q1/13 for BlackBerry 10 devices. Developers were enthusiastic about the potential for the integration of music and movie downloads to increase App World traffic. In general, attendees were positive about advances from RIM in the areas of developer commitment, open source participation, and tools,” he said.

The details of the surprisingly positive increase in install base were interesting, since ComScore data showed RIM market share dropped in the U.S. Penner thinks that many of the adds were driven by new launches in foreign markets, including China (Bold and Curve), Hong Kong (Bold and Curve), Kenya (Curve), Nigeria (Curve), Malaysia (Curve), South Africa (Curve) and the Caribbean (Curve).

TD Securities has a Hold rating on Research In Motion Ltd. and a price target of $9.50.

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 $6.60 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View

Add Your Comment