Barclays Lowers PT & Estimates on Research In Motion (RIMM); U.S. Weakness Leaves Large 2012 Hole

Barclays maintains an 'Equalweight' on Research In Motion (NASDAQ: RIMM) price target lowered from $16 to $14.

Barclays analyst says, "U.S. weakness drove soft 3Q and 4Q miss - healthy int'l demand just not enough: RIM indicated US subs were declining - a rare glimpse into regional sub trends. Strength from the Bold in East Asia, the UK, and South Africa drove int'l units up 54% YoY and held net adds near 5mn. F3Q results matched the 12/2 preannouncement on 14.1mn units but F4Q is now to be 10-11mn vs. our already lowered estimate of 13mn."

"FY13 EPS nearly halved on lower units, higher opex: We lower FY13 from $4.02 to $2.26. This includes a ~$0.60 hit from opex."

Kvaal Call: RIM's BB10 refresh in 2H12 leaves plenty of room for further
deterioration.

For an analyst ratings summary and ratings history on Research In Motion click here. For more ratings news on Research In Motion click here.

Shares of Research In Motion closed at $15.13 yesterday.

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