Sterne Agee Reiterates Neutral Rating on Research In Motion
In a report published Friday, Sterne Agee Group reiterated its Neutral rating on Research In Motion Limited (NASDAQ: RIMM).
Sterne Agee noted, “RIMM reported higher revenue and a much smaller operating loss thanks to what we thought were overly pessimistic expectations. For the 2nd quarter in a row, company grew its cash with working capital management. Our concern remains sustainability with receivables declining by $1 billion over the last 2 quarters and its core operation still losing money. BB10 is on track to ship in 1Q13 but profitability remains unclear and we're not sure if it will be effective vs. iOS, Android, and Windows.”
Research In Motion Limited closed on Thursday at $7.14.
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Tags: Sterne Agee Group