RIM (RIMM) Downgraded By Sterne Agee
Research firm Sterne Agee downgraded Research In Motion (NASDAQ: RIMM) from Buy to Neutral. The company’s shares recently reached a seven year low as the firm’s Blackberry product losses market share to Apple’s (NASDAQ: AAPL) iPhone and iPad and to Google…
Research firm Sterne Agee downgraded Research In Motion (NASDAQ: RIMM) from Buy to Neutral. The company’s shares recently reached a seven year low as the firm’s Blackberry product losses market share to Apple’s (NASDAQ: AAPL) iPhone and iPad and to Google (NASDAQ: GOOG) Android based devices.
The research note said,
We are downgrading our rating on RIMM to Neutral from Buy. The key reason we are doing so is because we believe forward consensus estimates are likely too high in light of heightened competition that will likely put pressure on margins. We are also suspending our price target (previously it was $31).
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