Research In Motion Ltd. (NASDAQ: RIMM) is facing more and more analyst scrutiny. One report last week noted that RIM was at a great chance of issuing an earnings warning. Now a report from Monday by Canaccord Genuity shows a reiterated HOLD rating with a mere $15.00 price target. Very unattractive…
Today’s report is on channel checks indicating weak sales and weak sell-through trends for BlackBerry 7 smartphones despite increased marketing efforts. Strong sales of iPhone 4S from Apple Inc. (NASDAQ: AAPL) and highly competitive pricing on Android phones from Google Inc. (NASDAQ: GOOG) are also hurting Blackberry sales. The report even noted “improving Windows smartphones” from Microsoft Corporation (NASDAQ: MSFT) and the likely March 7 launch of the iPad 3 as issues harming RIM.
Also in the call, “We believe RIM plans to launch two lower-end BlackBerry devices in an attempt to maintain strong subscriber share in emerging markets. Despite launching new products, we do not believe the new devices can increase prices versus the low ASP of the 8520.”
The battle against RIM continues.
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