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Bear Stearns Cut Research in Motion to Underperform

Bear Stearns downgraded Research in Motion (RIMM) to underperform from peer perform, citing the BlackBerry maker's continued slowing growth rate.

Analyst Andrew Neff notes the recent the cessation of NTP Inc. litigation and the absence of effective competition. Nonetheless, he is concerned that the wireless email market could be saturating at current levels and requiring new products or marketing methods to jumpstart growth. He notes that the company's 65 cents fourth quarter non-Generally Accepted Accounting Principles earnings per share (EPS) was below his 66 cents estimate and the Street's 67 cents estimate. He cut his $3.04 fiscal year 2007 (ending February) EPS estimate (post-options) to $2.65, and his $3.47 fiscal year 2008 estimate to $3.12 on projected higher tax. He also cuts his 73 cents first quarter EPS estimate to 64 cents.

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