UPDATE: Jefferies Downgrades Research In Motion To Underperform

According to Jefferies, Research In Motion

is downgraded to Underperform. Jefferies said that it is downgraded on lackluster sell-through competition and valuation. “Our checks and Quarterly Handset Survey indicate: 1) New BB OS 7 phone sell-in okay, but sell-through is lackluster; 2) Weak sell-through of older models; 3) Patents/subs reflected in valuation; 4) QNX handsets are being rushed; 5) New low-cost iPhone and low-end Android phones pressuring RIM in mid-range and low-end, respectively. With the stock +45% in the last month, we downgrade from Hold to Underperform; maintain our $25 target.” Research In Motion closed yesterday at $31.31.