UPDATE: National Bank Financial Downgrades Research In Motion Limited to Sector Perform Ahead of Results

National Bank Financial reduced its rating on Research In Motion Limited

from Outperform to Sector Perform with a reiterated $15 price target. National Bank Financial commented, "It's a good time to take some profit ahead of the quarter; we expect a lower entry point is coming. Investors are looking for reasons to sell this stock after such a huge rally. Short interest is at an all-time high (near 25%), RIM's market share is falling in most countries, the BB10 will require a huge launch hinging on many important partners, RIM's enterprise base is still months away from a BES 10 upgrade, hardware margins are under pressure across the industry, and RIM's value-added services fees are under pressure. We still like the product-cycle investment thesis but would wait for the quarter." Research In Motion Limited closed at $13.93 on Monday.