Matt Phillips blogs or The Wall Street Journal, “Tip of the cap to analysts covering Research in Motion over at Jefferies, who decided not to parse words while axing their rating on Research in Motion to ‘underperform’ from ‘buy.'”
After RIM’s guidance cut yesterday, Misek wrote:
We Were Wrong: QNX Too Late and Too Little; Downgrade to Underperform
In addition to lowered May Q guidance, our checks indicate RIMM will see continued execution issues, product delays, and lackluster product launches for the next year. We believe Blackberry OS 7.0 (renamed, formerly 6.1) and QNX will be delayed and that carriers are withdrawing support. We cut our [Fiscal year 2012 (Feb) EPS [estimate] to $5.50 (guidance $7.50), [fiscal year 2013 estimate] to $5 [(versus the street consensus of $7.37)], and [our price] target to $35.
Read more in the full article here.
MacDailyNews Take: DCW.
[Thanks to MacDailyNews Readers “Fred Mertz” and “Edward W.” for the heads up.]
Related article:
Research In Motion warns of weak BlackBerry sales; shares plunge – April 29, 2011