RIMM: Not In Motion

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David Evanson and Mike Walkley

Forbes.com, Fall, 2011

Following RIMM’s Q2/F2012 results, Canaccord Genuity analyst Michael Walkley lowered his price target on the company to $28 from $35. Mr. Walkley said:

“While RIM management remains bullish on its prospects for the Playbook and new BlackBerry 7 smartphones, we maintain our more cautious view as we believe RIM is underestimating the increasingly competitive smartphone environment.”

He added, “With Android OEMs combined with increasing distribution of the legacy iPhone 3GS from Apple at aggressive price points globally, RIM continues to lose global smartphone market share.”