JP Morgan Maintains Neutral, $17 Target on Research In Motion

JP Morgan reiterates its Neutral rating and $17 target price on Research in Motion

despite negative pre-announcement on Dec.2 and decline in volume guidance. JPM says, “The next catalyst for the stock will likely be the release or delay of new BB 10 (formerly BBX) devices. We believe that recent software oriented delays like the push of Playbook OS 2.0 to February suggest that BB 10 may not be ready in calendar H1'12. Given continuing uncertainty over the wider economy we see no reason for investors to increase exposure to RIMM now. However, we keep our Neutral rating as price levels approach more solid valuation footing.” RIMM closed at $16.46 per share on Friday.