Research in Motion Ltd. (NASDAQ: RIMM) was first seen with a target price cut at Credit Suisse to $20 from $30 this morning. The real “taking the cake” downgrade came from JMP Securities where it cut the rating to Market Underperform from Market Perform. The price target objective is now only $12.00 and that is going to kill any of those “upgrades based on valuation” from last week. RIM shares are down 3.3% at $17.60 with more than thirty minutes until the market opens.
RIM Downgrade… $12 Target (RIMM)
By
Jon C. Ogg
Published
About the Author
Jon C. Ogg →
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
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