BMO Cuts Target on RIM (RIMM) Shares to $12 as BB10 Delay Will Continue to Weigh

Shares of Research In Motion (Nasdaq: RIMM) are moving higher ahead of the opening bell Wednesday morning despite some concerning comments from BMO Capital's Timothy Long. The stock last traded at $13.30, up about 1.3 percent from Tuesday's close.

While reiterating a Market Perform rating, Long lowered his price target on RIM shares from $15 to $12. The analyst believes a late arrival of RIM's BlackBerry 10 (at the earliest during the company's November quarter) will hurt the stock over the near-term as market share continues to decline. Long sees negative implications for device sales and selling prices amid the delay.

Long lowered his FY12 EPS estimate on Research In Motion from $4.26 to $4.22 and his FY13 estimate from $2.78 to $2.50. The Street is expecting FY12 and FY13 EPS of $4.17 and $2.88, respectively.

BMO's new price target implies potential downside of about 10 percent from where RIM shares are currently trading.

To track all the market-moving analyst calls on shares of Research In Motion, visit our Analyst Ratings page.

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