RIM (RIMM) New Phone Just Closed the Big Gap, Reiterate 'Sell' - Canaccord

January 31, 2013 11:51 AM EST
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: 23 | Down: 34 | New: 34
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Canaccord Genuity analyst T. Michael Walkley reiterated his Sell rating and $9 price target on Research In Motion Ltd. (NASDAQ: RIMM) following yesterday's BB10 launch.

Walkley comments: "We attended BlackBerry's event in NYC where management launched the new BB10 OS and announced two new BB10 smartphones, the Z10 and Q10. Management also announced plans to change the company name from RIM to BlackBerry. While we were impressed with the features of the new OS, we believe RIM has only closed the gap with more mature smartphone OS platforms and offered limited differentiating services or features to win back customers from more mature ecosystems. Further, we believe the carrier pricing of the new Z10 smartphone versus competing high-end smartphones creates a tough environment for strong BB10 sales to turn around BlackBerry's long term business trends."

The firm adjusted adjusting F2013E pro forma LPS from $(1.11) to $(1.10) and F2014 estimate from $(0.52) to $(0.48).

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 $13.78 yesterday.

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