Deutsche Bank Slashes Price Target on RIM (RIMM) to $20, Says Management is Clueless

Deutsche Bank slashed its price target on Research In Motion Ltd. (NASDAQ: RIMM) from $45 to $20 and reiterated its Sell rating following last night's earnings warning from the BlackBerry maker.

The firm notes that the company's product line struggles to keep pace and management fails to acknowledge fundamental issues.

"On the call, both Mr. Lazaridis and Mr. Balsillie, the co-CEOs, answered questions, and neither confronted the current challenges facing the company. The approach left us baffled. The company is facing its greatest challenge, maybe in its history, and each CEO continues to believe there is unprecedented interest in their products. For the company to move forward in a constructive manner, each will need to face these issues with a much more straightforward approach."

Deutsche Bank first downgraded RIM to Sell on 3/25. Share are down 48% since that time.

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

Shares of Research In Motion Ltd. closed at $35.33 yesterday.

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