Research in Motion Shares Come within 1% from 52-week Low
Research in Motion Limited (NASDAQ:RIMM) shares hit $47.96 today, that's 0.5% away from a new 52-week low, and the day is far from over -- the pain continues for RIM shareholders.
WallStNation.com Sponsors - Become one Today
Research In Motion (RIMM) shares are trading at $48.03 currently, down -4.82% or $-2.43 which puts its P/E Ratio at 11.1 and EPS at 4.57. Another blow came today from Morgan Stanley
who downgraded Research In Motion two notches to Underweight from Overweight and cut its price target to $47.
Here are the comments from Morgan Stanley's downgrade "...on mounting evidence that RIM could lose [shares] faster than we had been modeling," wrote Morgan Stanley analysts Ehud Gelblum and Kimberly Watkins.
"We now estimate RIM's global smartphone share in CY'12 at just 13.1%, down from prior of 16.0%," the analysts continued. "Our concerns are based on the following four items: 1) the ongoing chorus of [international] countries threatening to shut down [Blackberry] service; 2) the drumbeat of enterprises starting to explore "bring your own phone" devices such as iPhone for corporate email; 3) the recent success of Android; and 4) the not unexpected, but disheartening nonetheless, lukewarm initial sales of the new Torch."