UPDATE: Jefferies Downgrades Research in Motion to Underperform

Jefferies lowers its rating on Research in Motion

to Underperform from Hold and lowers its price target to $15 from $17 a share on no near-term catalysts expected for the company. Jefferies comments, "Our checks indicate RIM will delay and possibly abandon its OS licensing plans and its email/BBM/social networking app in favor of direct competition with Apple/Android. With no near-term positive headlines now expected and with St still far too high for FY13 (Feb) at $3.17 vs. our $2.00 est, we cut our target to $15 and downgrade to Underperform as we await the BB10 launch (likely Sep)." RIMM closed at $17.21 a share on Thursday.