Wells Fargo Cuts Numbers on RIM (RIMM) After Weak Q4, BB10 Strategy Evolves

Wells Fargo cut estimates and its valuation range on Research In Motion Ltd. (NASDAQ: RIMM) following Q4 results, management shake-up and modified BB10 strategy on the conference call that includes likely partnerships for consumer and mass market products. The firm maintained their Market Perform rating.

The valuation range was lowered from $17-$18.50 to $12-$14. FY13 EPS goes from $3.10 to $1.41.

The firm comments, "The next several quarters will be challenging but we view it as positive that the new CEO is pursuing every possible way to enhance shareholder value. It is unclear to us at this time how this strategy will come together and whether RIMM will ultimately have the scale needed to compete and bring on the partners to build the BB10 ecosystem. There is still a lot of time between now and the launch of BB10 at year-end."

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

Shares of Research In Motion Ltd. closed at $13.73 yesterday.

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