RBC Cuts Price Target on Research In Motion (RIMM) to $65

RBC Capital lowers its price target on Research In Motion (Nasdaq: RIMM) from $90 to $65, representing a 28% reduction in its target. The firm maintains its Sector Perform rating on Research In Motion.

The firm cites "near-term risks to growth and margins" given increased competition and deterioration in demand from new subscribers. RBC cut its FY09 EPS estimate on Research In Motion from $3.62 to $3.58 and its FY10 estimate from $4.67 to $4.41. The Street is currently estimate FY09 EPS of $3.58 and FY10 EPS of $4.71.

Shares of Research In Motion are currently down 3.75% to $44.22. The stock is now down more than 70% from its 52-week high set at $148.13 in June and down about 55% from its price level at the end of September.

Research In Motion Limited engages in the design, manufacture, and marketing of wireless solutions for the mobile communications market worldwide.

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