Wunderlich Maintains Hold on Research in Motion, Keeps PT at $16

Wunderlich Securities reiterates its Hold rating and price target of $16 on Research in Motion as sell-through lagged despite in-line earnings and new products see delays and cost overruns. Wunderlich comments, "Research in Motion (

) reported 3Q12 largely in line with pre-announced expectations, though sell-through lagged sufficiently to mandate further trimming of our revenue forecast for 4Q12. Decisions to delay BlackBerry 10 and spend more to market BlackBerry 7 in the U.S. are further troubling, especially since the additional marketing expenses appear likely to offset recent cost reduction initiatives in periods that lack important new products to sell. We believe the share price is supported by tangible book value, but bold moves may be necessary to achieve our unchanged price target." RIMM closed at $15.13 oer share on Thursday.