RIMM: Not In Motion

This article was placed on behalf of the U.S. based equity research effort of institutional broker and investment bank Canaccord Genuity. It was part of a series of articles developed under an agreement with forbes.com to work with a variety of contributors and assist them in delivering actionable investment ideas each week. The site, forbes.com is one of the top 500 sites in the world with nearly 10 million subscribers and approximately 100 million page views a month.

Following RIMM’s Q2/F2012 results, Canaccord Genuity analyst Michael Walkley lowered his price target on the company to $28 from $35. Mr. Walkley said:

“While RIM management remains bullish on its prospects for the Playbook and new BlackBerry 7 smartphones, we maintain our more cautious view as we believe RIM is underestimating the increasingly competitive smartphone environment.”

He added, “With Android OEMs combined with increasing distribution of the legacy iPhone 3GS from Apple at aggressive price points globally, RIM continues to lose global smartphone market share.”

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