UPDATE: JP Morgan Lowers PT On Research In Motion To $24

JP Morgan has published a research report on Research In Motion

and has lowered the price target from $30 to $24. In the report, JP Morgan writes, "RIMM posted another very tough quarter missing our expectations across the board and guiding below our FQ3 forecast. Not only were units weak but a spike in inventory caused free cashflow to swing negative for the first time since early 2009. In addition to all of this we calculate that smartphone gross margins fell dramatically in the quarter." JP Morgan maintains its Neutral rating on Research In Motion, which closed yesterday at $29.54.