UPDATE: Credit Suisse Downgrades Research In Motion to Underperform on Challenging Transition

Credit Suisse downgraded Research in Motion Limited

from Neutral to Underperform and lowered the price target from $11.00 to $10.00. Credit Suisse noted, "Despite recent enthusiasm for RIM's new BB10 devices, we see limited scope for traction in the hypercompetitive smartphone market. Furthermore, we believe that RIM's major business model change in services will result a significant decline this high margin revenue stream, driving operating losses and potential cash burn." Research In Motion closed at $13.78 on Wednesday.