Morgan Stanley downgraded Research In Motion (RIMM ) to underweight from equal weight.
Analyst Arindam Basu says since an analyst meeting on May 5, RIMM's stock has rallied more than 35%. He thinks it's now priced for perfection. Basu notes at the time of the meeting, he was incrementally more positive regarding RIMM's performance over the next two quarters based on the launch of new handhelds and potential carrier subsidies.
He sees a 17-cent fiscal 2002 (Feb.) loss, and 33 cents fiscal 2005 earnings per share.