Goldman Sachs Slashes Estimates and Price Target on RIM (RIMM)... Again
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Price: $14.64 +12.36%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Goldman Sachs lowered estimates and their price target today on Sell-rated Research In Motion Ltd. (NASDAQ: RIMM) from $34 to $22.
The firm cut estimates well below the consensus on weaker overall handset demand and even faster than previously expected share losses.
"We believe the competitive gap between RIM and its competitors (most notably Android and iPhone) has widened so dramatically over the last year, that it now appears increasingly unlikely that RIM will be able to narrow it even with the introduction of its upcoming QNX-based phones. Moreover, it appears increasingly
likely that Windows Phone, rather than BlackBerry, may claim the third OS slot that carriers are looking for.
The firm cut FY2012 non-GAAP EPS from $5.31 to $4.86, versus the consensus of $5.21. The firm cut FY13 non-GAAP EPS from $4.46 to $4.30, versus the consensus of $5.35. The firm cut FY14 EPS from $5.04 to $3.27, versus the consensus of $4.80.
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 $24.56 yesterday.
The firm cut estimates well below the consensus on weaker overall handset demand and even faster than previously expected share losses.
"We believe the competitive gap between RIM and its competitors (most notably Android and iPhone) has widened so dramatically over the last year, that it now appears increasingly unlikely that RIM will be able to narrow it even with the introduction of its upcoming QNX-based phones. Moreover, it appears increasingly
likely that Windows Phone, rather than BlackBerry, may claim the third OS slot that carriers are looking for.
The firm cut FY2012 non-GAAP EPS from $5.31 to $4.86, versus the consensus of $5.21. The firm cut FY13 non-GAAP EPS from $4.46 to $4.30, versus the consensus of $5.35. The firm cut FY14 EPS from $5.04 to $3.27, versus the consensus of $4.80.
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 $24.56 yesterday.
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