GMP Downgrades Research In Motion (RIMM); Calls Stock a 'Value Trap'

Shares of Research In Motion Ltd. (NASDAQ: RIMM) are trading lower Thursday, possibly on the back of an earlier analyst downgrade. The stock last traded at $53.70, down 1.4 percent from Wednesday's closing price.

An analyst at GMP cut his investment rating on RIM shares from Buy to Hold, also reducing his price target on the stock from $69 to $54.

Related to RIM's just-released tablet, the PlayBook, the GMP analyst said, "Our early experience with the PlayBook suggests the product is not ready; several minor bugs, large software upgrades, absense of useful applications, inconsistent and buggy bridge software suggest the product was rushed to market with poor quality control."

GMP believes shares of RIM have now turned into a "value trap."

For more ratings news on Research In Motion Ltd. click here and for the rating history of Research In Motion Ltd. click here.

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