Macquarie Says Take Profits in RIM Following Recent Rally
Research In Motion (NASDAQ: RIMM) shares have given up earlier gains which came on the heels of an upgrade from CIBC's Todd Coupland. The stock is now down nearly 1 percent to $11.55.
A note from Macquarie's Kevin Smithen is likely weighing on RIM today. The analyst suggested fading the rally in RIM, saying even if BlackBerry 10 is successful and helps the company recover $2 per share in earnings, the stock won't trade over the $16-20/share range. Smithen warned if BlackBerry 10 doesn't perform, RIM shares could be back to the $6 range.
RIM's stock is up more than 83 percent since the low set at the end of September.
Smithen maintains a Neutral rating and $12 price target on RIM shares.
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