UPDATE: National Bank Financial Downgrades Research In Motion to Underperform on Tiered Services

National Bank Financial downgraded Research in Motion Limited

from Sector Perform to Underperform and lowered the price target from $15 to $10. National Bank Financial commented, "We believe investors will punish the stock until service revenue can be better quantified. We do not believe that RIM can sustain profitability with a stand-alone hardware business. We are downgrading the stock to Underperform and lowering our target to $10/share (from $15/share). … We still anticipate a strong global BB10 launch. In fact, we are hearing the virtual keyboard will be available as early as Feb. 5th with the QWERTY version 30 days later. Investors should wait for this tiered service revenue confusion to settle before assessing a re-entry into the stock ahead of the BB10 launch." Research In Motion closed at $14.12 on Thursday.