Needham Starts Research In Motion (RIMM) at Hold
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Needham initiates coverage on Research In Motion (Nasdaq: RIMM) with a Hold rating.
The firm believes the Research In Motion's BlackBerry growth is unsustainable as Needham expects "far more versatile applications" to enter the market. Needham specifically names new applications on Apple's (Nasdaq: AAPL) iPhone during the second half of this year.
Shares of Research In Motion have climbed 23% in the last month on Q4 earnings that came in above Street estimates. As investors have recently been speculating about the high-profile release of a 3G iPhone, many pundits have been suggesting taking profits in Research of Motion as this Apple product will likely be RIMM's toughest competitor.
Research In Motion Limited engages in the design, manufacture, and marketing of wireless solutions for the mobile communications market worldwide. [BCS]
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