UPDATE: Jefferies Lowers Price Target on Research in Motion to $21

According to Jefferies, Research in Motion RIMM price target is lowered to $21. Jefferies said that it performed a deep dive on 1,400 patents to determine the firms with essential LTE patents. “Our $21 target is ~7x our FY13 ests (2-year range 7x-18x). Risks: 1) quicker transition to new OS; 2) stronger new products sales; 3) improved execution.” Research in Motion closed yesterday at $22.73.