Wedbush Cuts Estimates and Price Target on Research In Motion Ltd. (RIMM); Walking in the Path of Palm
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Price: $14.64 +12.36%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade RIMM Now!
Wedbush maintains a 'Neutral' on Research In Motion Ltd. (NASDAQ: RIMM) price target lowered from $13.50 to $11.50.
Analyst, Scott Sutherland, said, "We continue to be cautious on RIM as we believe the company’s integrated strategy is too far behind Apple’s (Nasdaq: AAPL). We are lowering our estimates, as checks indicate minimal demand for products that have become long in the tooth ahead of the BlackBerry 10 launch by the end of 2012. While we believe the currently strategy could cause RIM to go the way of Palm, we see value in the parts and thus see risks to being overly negative at current levels."
"For FY13, we are reducing our revenue estimate to $13.7 billion from $15.2 billion and our EPS estimate to $1.74 from $2.55. For FY14, we are reducing our revenue estimate to $13.6 billion from $15.1 billion and our EPS estimate to $1.70 from $2.33."
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 $11.00 yesterday, with a 52 week range of $10.57-$43.91.
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Analyst, Scott Sutherland, said, "We continue to be cautious on RIM as we believe the company’s integrated strategy is too far behind Apple’s (Nasdaq: AAPL). We are lowering our estimates, as checks indicate minimal demand for products that have become long in the tooth ahead of the BlackBerry 10 launch by the end of 2012. While we believe the currently strategy could cause RIM to go the way of Palm, we see value in the parts and thus see risks to being overly negative at current levels."
"For FY13, we are reducing our revenue estimate to $13.7 billion from $15.2 billion and our EPS estimate to $1.74 from $2.55. For FY14, we are reducing our revenue estimate to $13.6 billion from $15.1 billion and our EPS estimate to $1.70 from $2.33."
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 $11.00 yesterday, with a 52 week range of $10.57-$43.91.
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