UPDATE: Citigroup Cuts PT to $11.75 on Research in Motion

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Citigroup lowers its target price 25 cents to $11.75 a share on Research in Motion (NASDAQ: RIMM) and it reiterates its Sell rating as it sees the lack of guidance by the company as a sign of confidence lack. Citigroup says, "We reiterate our Sell rating & reduce our target price to $11.75 from $12 as a result of a lower unit & EPS forecast. Although we recognize RIMM stock has underperformed the market for quite some time, we still believe major issues still face the company. Inside this report we detail our 10 reasons things at RIMM will get worse."RIMM closed at $13.73 a share on Thursday.

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