Research In Motion (RIMM) received a “hold” reiteration today from securities research analysts at investment firm Canaccord Genuity. They also slashed their price target performance outlook of RIMM from $49 to $40 to dollars. Canaccord Genuity noted their nine dollar target reduction is due to share losses that RIMM has sustained while sales continue to slow internationally. They also pointed out that Research’s BlackBerry new-to-market OS 7.0 phones will create a new upgrade cycle within enterprise circles, but, it will not be enough to offset overall losses created by Android and iPhone’s.
Today’s lowered price target by Canaccord Genuity has not helped matters in the least for RIMM. Shares of the company have set a new multi-year low today, descending to the $35.90 price level. Since late February trading of this year, RIMM has nearly lost 50% of its share valuation.
The company is slated to release their next earnings report on June 16th, 2011 and is estimated to post EPS of $1.31. Their last earnings report was released on March 24th, 2011, and announced EPS of $1.78 with revenue totaling $5.556 billion which was up 36.2 % year to year. RIMM is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.
Research In Motion is a leading designer, manufacturer and marketer of innovative wireless solutions for the worldwide mobile communications market. The company has market capitalization of $18,797,682,600 and 519,273,000 shares outstanding. RIMM has a 52-week high of $70.54 with the low being he aforementioned $35.90 dollars.
