Citigroup Reiterates Sell Rating on RIMM

Citigroup is out with a research report that is reiterating their Sell rating on shares of Research in Motion

. They cited the “changing landscape of mobile phones,” where companies are allowing employees to bring their own phones to connect with business servers, while maintaining them for personal use as well. This is dramatically different than 10 years ago, when companies issued Blackberrys as company property. This should temper any kind of business enterprise growth in the future for RIMM. Citigroup also cited the fact that throughout most of 2008, 2009, and much of 2010, RIMM has had to run BOGO (Buy One Get One) promotions to move as many units as they needed. Citi said they are “seeing more aggressive retail pricing which thus far has been primarily absorbed by the carriers but could shift to OEMs. We are seeing an acceleration in hardware & software phone features coupled with more aggressive global pricing all of which could pressure RIMM margins in the future.” Citi analysts also cited the Blackberry’s lack of applications.