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Bear Stearns Cuts Research in Motion

Bear Stearns cut its recommendation on Research In Motion (RIMM) to underperform from peer perform.

Analyst Andrew Neff cited the expected launch of several competing handsets from Nokia (NOK), Motorola (MOT), Palm (PALM) and others in early calendar year 2006. He cut his $65 to $73 fair value estimate to $53 to $58 given his assumption for more competition in handsets, which made up 70% of Research in Motion's revenues in the second quarter, and are expected to drive near term growth. While maintaining his 68 cents third quarter earnings per share, he cut his $2.60 fiscal year 2006 (ending February) earnings per share estimate to $2.55 on handset shipments of 4.06 million units (cut from 4.11 million) at $360 ASP (no change); and $3.12 fiscal year 2007 to $2.52 on 4.5 million (cut from 5.2 million) unit shipments at ASP of $320 (previously $343).

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