TD Newcrest Upgrades RIM (RIMM) to Action List Buy; $70 PT
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TD Newcrest upgrades Research In Motion (Nasdaq: RIMM) from Buy to Action List Buy, saying it believes gross margins have bottomed. The firm cut its price target on RIM from $75 to $70.
Following its Q3 earnings report yesterday, the firm believes the Street will view Research In Motion's Q4 guidance as strong despite the negative outlook for its gross margins. The firm feels RIM's margins have bottomed given a rapid transition to 3G devices and a chance for RIM's management to reduce bill of material costs moving forward.
TD Newcrest sees Research In Motion's solid Q4 guidance as demonstrating success with its new devices, the Storm and Bold.
The firm lowered its FY09 and FY10 EPS guidance from $3.41 and $4.39 to $3.39 to $3.88. The Street is currently expecting FY09 EPS $3.36 and FY10 EPS of $3.87.
Research In Motion Limited engages in the design, manufacture, and marketing of wireless solutions for the mobile communications market worldwide.
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