Jefferies Cuts Target on RIM (RIMM) to $14 Following Warning

Jefferies' Peter Misek reduced his price target on shares of Research In Motion Ltd. (NASDAQ: RIMM) from $18 to $14 in a mid-day research note Friday.

The lowered target follows news of an expected pretax provision of $485 million during the third quarter related to inventory valuation of its BlackBerry PlayBook tablets. RIM shares have tumbled more than 9 percent on Friday amid the news.

Misek maintains an Underperform rating on shares of RIM.

With the stock last trading at $16.85, Jefferies' updated price target implies potential downside of about 17 percent.

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.

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