Wedbush Slashes Estimates on Research In Motion Ltd. (RIMM); Weak Q1 & BB10 Further Delay
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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: 11 | Down: 18 | New: 13
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade RIMM Now!
Wedbush maintains a 'Neutral' Research In Motion Ltd. (NASDAQ: RIMM) price target of $7.50 (from $9.50).
Analyst, Scott Sutherland, said, "We continue to be on the sidelines given disappointing FQ1 results and outlook. Even more worrisome, BlackBerry 10 (BB10) is further delayed until Q1 of CY13. While cost-cutting and ascertaining strategic alternatives are positives, we believe RIM needs to make a strategic shift sooner rather than later, as we believe their integrated strategy remains too far behind Apple (Nasdaq: AAPL)."
Slashes FY13 EPS from (0.04) to (1.47) and FY14 from $0.37 to $0.11. Lowers FY13 revenues from $13.0B to $9.9B and FY14 from $12.4B to $11.0B.
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 $9.13 yesterday, with a 52 week range of $8.83-$33.54.
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Analyst, Scott Sutherland, said, "We continue to be on the sidelines given disappointing FQ1 results and outlook. Even more worrisome, BlackBerry 10 (BB10) is further delayed until Q1 of CY13. While cost-cutting and ascertaining strategic alternatives are positives, we believe RIM needs to make a strategic shift sooner rather than later, as we believe their integrated strategy remains too far behind Apple (Nasdaq: AAPL)."
Slashes FY13 EPS from (0.04) to (1.47) and FY14 from $0.37 to $0.11. Lowers FY13 revenues from $13.0B to $9.9B and FY14 from $12.4B to $11.0B.
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 $9.13 yesterday, with a 52 week range of $8.83-$33.54.
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