Saturday, June 11, 2011

Research in Motion Joins Nokia in Race to the Bottom

Alacra Pulse Check Blog submits:

By Angus Robertson

Once rivals for the battle for supremacy Research in Motion (RIMM)and Nokia (NOK) now find themselves in a race to the bottom. We've noted Nokia's continuing slide here, but not to be outdone, RIM has had its share of bad news this week. Tiernan Ray at Barron's catalogs the latest barrage of analyst downgrades.

Among the most damning, Goldman Sachs' Simona Jankowski cut her price target on the stock to $40 from $50, based on "RIM's rapidly deteriorating business metrics," while reiterating a Sell rating.

Even long-time RIM-booster Mike Abramsky of RBC Capital Markets took his price target down a few more notches, to $45 from $55 and reiterated a Sector Perform rating.

Analysts note that

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