Research in Motion's Price Target Lowered by Analysts

After its most recent survey of more than 41 telecom carrier, retailers and partners, Canaccord Adams has lowered its forecasts for revenue, earnings and share price for Research In Motion Ltd. (RIMM).

The survey results continue to support the firm’s positive outlook for the BlackBerry maker, but also showed a potential slowdown in momentum.

Canaccord now expects RIM will see 1.65 million net subscriber additions, and close to 4 million in shipments for the quarter. Analyst Peter Misek, who thinks RIM shares should continue to be a core holding, removed the stock from Canaccord’s Best Ideas list, cut his price target from $160 to $145, but maintained a “buy” recommendation.

He also thinks the premium RIM trades at compared to its peers is warranted given its dominance in the enterprise market and its growth prospects.

Meanwhile, the survey also showed that the number of respondents who think the BlackBerry is gaining market share has fallen from 81% last quarter to 74%.

Comments

[JIM]

Who killed the Blackberry....

APPLE!

Eats blackberries for breakfast, lunch, & dinner.

[frs]

Yea, I'll bet that 'survey' was real scientific and accurate. Right. And on the basis of a few ad hoc comments and no real empirical data, they see fit to adjust the target by a 10% factor. Brilliant. These guys couldn't analyze their way out of a paper bag, thus their record of being more often wrong than right.

If an analyst claims a lower price target or slowing sales, then it's likely a good 'buy' signal for the rest of us.