UPDATE: Goldman Sachs Lowers PT to $13 on Research in Motion on Weaker Shipment Trajectory

Goldman Sachs reiterates its Neutral rating on Research in Motion

and reduces its price target from $14 to $13. Goldman Sachs notes, "RIM's negative operating profit expectation is a disappointment even relative to our below-consensus estimates. We hadn't modeled negative operating margins until the Nov-14 quarter previously. That said, we expect RIM's upcoming cost cutting actions will return the company to mid-single digit operating profit margins over the next couple of quarters. RIM's actions indicate that new CEO, Thorsten Heins, is aggressively sacrificing near-term profits in an attempt to stabilize and grow RIM's subscriber base, which is one of its key assets and thus likely a worthwhile trade-off longer term." RIMM closed at $11.23 on Tuesday.