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By Angus Robertson

As noted previously, most analysts have been well behind the curve in predicting the slide in Research in Motion’s (RIMM) stock price. The latest set of disappointing figures has prompted a fresh round of downgrades and price target reductions.

The median price target of 18 analysts who have updated their forecasts since last week’s earnings report is $23.50, close to today’s opening price of $22.54. This compares with a median of $31 three months ago and $67 a year ago.

Susquehanna’s Jeff Fidacaro remains one of the few analysts who anticipated the company’s decline, if not its rapidity. He had a Negative rating on RIM more than a year ago, and a price target of $37.50 at a time when the median 12-month target was over $80. Fidacaro remains negative on the company with a $22 target.

He’s not as bearish as James Faucette of Pacific Crest Securities, who has a target of just $16. “The disappointing launch of the PlayBook has really compromised RIM’s ability to further develop a mobile ecosystem with long-term profitability,” he said.

RIM still has its fans, however, notably Macquarie’s Kevin Smithen. He’s sticking to his guns after initiating coverage of RIM with an Outperform rating just last June, then boosting his target to $42 from $40 in August.

Source: Analysts Continue To Lose Faith In RIM