UPDATE: Wunderlich Securities Drops Coverage of Research in Motion

Wunderlich Securities terminates its coverage on Research in Motion (NASDAQ: RIMM) with a final rating of Hold and price target of $16 a share, which the company says should not be relied upon any longer, as analysis will not be updated.

Wunderlich Securities says, "Management/governance changes are not tangibly incremental. Last night's announcement of a new CEO, chairman, and additional director came with reiteration of the strategy that was put in place by the prior Co-CEO structure. While this could be marketing posture to minimize subscriber churn, as described above, in the best case it masks the true strategy for assimilation with an ecosystem that can grow globally. In the worst case, the recurring service business is a source of complacency and internal denial."

RIMM closed at $15.56 a share yesterday.