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UPDATE: Morgan Stanley Reiterates Underweight Rating, Raises PT on Research In Motion Limited

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In a report published Friday, Morgan Stanley reiterated its Underweight rating on Research In Motion Limited (NASDAQ: RIMM), and raised its price target from $7.00 to $10.00.

Morgan Stanley noted, “RIM once again reported less bad results as ASP and GM beat our ests while service rev was in-line. However, the future of RIM's $1B/qtr Services biz now appears even more tenuous under the new plan to ‘evolve' it to a user-pay model, which we believe does poorly and we therefore remain UW.”

Research In Motion Limited closed on Thursday at $14.12.

Latest Ratings for RIMM

Jan 2013Credit SuisseDowngradesNeutralUnderperform
Jan 2013Evercore PartnersDowngradesEqual-WeightUnderweight
Jan 2013RBC CapitalMaintainsSector Perform

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