Piper Jaffray Maintains a 'Neutral' on Research In Motion (RIMM); Lowers Price Target on Mixed Sales Data
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Piper Jaffray & Co. maintains a 'Neutral' rating on Research In Motion (Nasdaq: RIMM), lowers price target from $67 to $63.
Piper analyst says, "Our October channel checks indicated mixed BlackBerry sales as solid sales of the Tour at Sprint (NYSE: S) and Verizon (NYSE: VZ), solid initial sales of the Storm2, and continued carrier promotions were offset in part due to weak sales at AT&T (NYSE: T) and T-Mobile...We maintain our Neutral rating as our longer-term concerns remain increasing smartphone competition and the potential for longer-term declining ASPs and margins."
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