UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on Research In Motion Limited
In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Research In Motion Limited (NASDAQ: RIMM), and raised its price target from $8.00 to $12.00.
BMO Capital noted, “November results were largely in line with our expectations, although the focus of the call was on the impact of changes the company is making to the service revenue model. While we ultimately think these changes will be negative, we expect some near-term optimism for the new BB10 devices to provide an offset. Subscriber growth did turn negative for the first time, which was surprising to us given some emerging markets strength. North America remains a real challenge.”
Research In Motion Limited closed on Thursday at $14.12.
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