UPDATE: Canaccord Genuity Reiterates Sell Rating, Lowers PT on Research In Motion Limited
In a report published Friday, Canaccord Genuity reiterated its Sell rating on Research In Motion Limited (NASDAQ: RIMM), but slightly lowered its price target from $10.00 to $9.00.
Canaccord Genuity noted, “RIM reported soft but better than expected Q3/F2013 results, with sales of $2.7B and pro forma LPS of ($0.22) versus our estimates of $2.6B and ($0.49) and consensus estimates of $2.7B and ($0.35). While results beat our expectations and we were impressed by cost savings execution and working capital management, our bearish thesis on BB10 remains unchanged and we expect ongoing quarterly losses. We reiterate our SELL rating and lower our price target from $10 to $9 due to our estimates for declining services ARPU leading to a lower sum-of-parts valuation.”
Research In Motion Limited closed on Thursday at $14.12.
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