On-Target RIM (RIMM) Analyst Sees Another 40% Downside

National Bank's Kris Thompson, one of five or so analysts who downgraded shares of Research In Motion (Nasdaq: RIMM) just ahead of the BlackBerry-maker's Q2 miss on September 15th, sees more downside in the stock despite a 10 percent move lower Friday.

The analyst has been rather precise with his calls: while placing an Underperform rating on the stock on September 16th, Thompson set a downside price target of $20. Shares were trading just shy of $24 at the time. Shortly after, on December 2nd, Thompson cut his price target to $16; only four days later, the analyst slashed his target to $10. Following RIM's Q3 report and soft outlook Thursday evening, Thompson now expects shares to fall to $8, the first single digit target (as far as we can tell) on RIM since 2003, when the stock was trading around $3-$4.

Even with the move lower in RIM shares this morning (and a 54 percent decline since the prior quarterly report), Thompson's price target still implies potential downside of a whopping 41 percent.

Needless to say, Thompson maintains an Underperform rating on the stock.

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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