Wall Street Not Too Impressed With RIM's (RIMM) Torch, BlackBerry 6 OS

Research In Motion Ltd. (Nasdaq: RIMM) shares are making a little bit of a rebound after hitting intraday lows of $52.97, but are still trading 3.7% lower to $53.43, a day after the company launched their new BlackBerry 6 operating system and Torch smart phone.

What are analysts saying about the new device and OS?

• Deutsche Bank notes that the new hardware looks good, but the software appears to be more of a cosmetic change than anything else. They note that the new Torch will address healthy pent-up demand from their customers. On the flip side, they see the new OS as little changed from previous versions, and more of an updated user interface than anything else. The OS web browser is an improvement. BB6 offers 40 new APIs, compared to the 1,500 APIs offered by Apple's iOS 4.0. They do not see the Torch or BB6 improving RIMMs position. Deutsche has a Hold rating and $65.00 price target on the shares.
  
  
• Kaufman Bros. said that this isn't a battle between RIMM and Apple (Nasdaq: AAPL), rather, a battle between RIMM and everyone else (Nokia (NYSE: NOK), Microsoft (Nasdaq: MSFT), Google (Nasdaq: GOOG), and more). They think that RIMM could be the number two most relevant platform with 46 million subs, and "with enhanced developer tools including better support for HTML5, location services, and advertising." They also think that BlackBerry 6 ('BB6 '), though only available at AT&T (NYSE: T) currently, might be available elsewhere in the next 3 - 6 months. Kaufman wants BlackBerry on Verizon's (NYSE: VZ) wireless network, though its only 10% - 15% of revs. Kaufman has a Buy rating on the shares, with an $85 price target
  
  
• Goldman Sachs said the BlackBerry Torch and new operating systems is "not a game changer." The firm said the biggest positive was the Aug 12th launch date, which was a bit sooner than expectations. However, the firm said RIM "failed to deliver the kind of quantum leap it needed to fend off the competitive threats from Apple and Android." The firm maintained their Sell rating and $50 price target.
  
  
• Wedbush has a slightly different take on the BB6. They see the OS retaining the familiar characteristics of previous OSs for quicker adaptation and backward compatibility with apps. They note that the new setup allows for easier organization of media as well as email and other features. Besides touting the browser and universal search, Wedbush was more focused on the BlackPad, and the lack of information surrounding it. They see the Torch benefitting RIMM North American sales in Q2 and Q3. Wedbush maintains an Outperform rating and $65 price target.
  
  
• TD Securities thinks that the Torch will have a positive impact, noting the earlier launch of the device. They note that many features of the device are in-line with what industry blogs were saying leading up to the introduction. They see RIMM finally having a press conference to launch a product as an important step in their efforts to gain market share and attract consumers and developers. TD also believe that the new OS provides a strong step forward for BlackBerry's multimedia capabilities, which is what a significant portion of the launch event was dedicated to. TD has an Action List Buy rating with $100 price target on the shares, unchanged after the Torch and BB6 launch.

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