Research in Motion (RIMM) Down 6% as Analysts Issue New Insights and Share Price Targets
The big news leading off Monday came out of Research in Motion (NASDAQ:RIMM). As more analysts, investors and traders continue to replace their Blackberries with iPhones (NASDAQ:AAPL), the continued theme is still in play: RIMM has been a great short and AAPL a great long. Here are the insights analysts shared today on RIMM:
Nomura said Research in Motion’s (NASDAQ:RIMM) strategy is unchanged as the new CEO remains committed to a vertically integrated business model. The firm sees fair value at $15 per share and sees little likelihood that a strategic buyer would pay more and doubts a financial buyer would pay more than $10 per share. Shares are Neutral rated.
Deutsche Bank upgraded Research in Motion (NASDAQ:RIMM) to Hold following the company’s management changes and raised its price target for shares to $18 from $10.
As previously reported, ThinkEquity downgraded Research in Motion (NASDAQ:RIMM) to Hold from Buy. The firm believes RIMM’s challenges are increasing with Android’s Ice Cream Sandwich ramping into volume and new iPhones and iPads on the way. Price target raised to $18 from $16.
Citigroup said the new CEO’s agenda does not appear to be a breakup or sale of the company. Shares remain Sell rated.
Meanwhile, Vic Alboini, the chairman and CEO of Jaguar Financial, a major shareholder of Research in Motion (NASDAQ:RIMM), says the company’s management changes don’t go far enough to get the company turned around, reported Bloomberg, citing a telephone interview with Alboini.
Lastly, in the world of news, Wi-LAN (WILN) and its wholly-owned subsidiary Wi-LAN USA announced that it has filed suit in the U.S. District Court for the Southern District of Florida against Research In Motion Limited and Research In Motion Corporation (NASDAQ:RIMM) for patent infringement.
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