Morgan Keegan Cuts RIM (RIMM) to Market Perform, Reduces Target to $49

Shares of Research In Motion Ltd. (NASDAQ: RIMM) are trading modestly lower in pre-market action Tuesday following an earlier downgrade from an analyst at Morgan Keegan.

The firm now rates Research In Motion a Market Perform, down from Outperform previously. Morgan Keegan slashed its price target on the stock by 31 percent from $71 to $49.

RIM shares last traded at $38.75, down 0.4 percent from Monday's closing price.

Despite the equivalent of a neutral rating, Morgan Keegan's new, reduced price target still implies potential upside of more than 26 percent from where the stock is trading Tuesday.

Notably, shares of Research In Motion have tumbled (almost in a straight line) about 45 percent since marking a 52-week high at $70.54 near the end of February.

For more ratings news on Research In Motion Ltd. click here and for the rating history of Research In Motion Ltd. click here.

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