Piper Jaffray Downgrades Research In Motion
Piper Jaffray downgrades Research In Motion (RIMM ) to market perform from outperform.
Analyst T. Michael Walkley downgrades the stock on growing competition in the "pro-sumer" market. While he believes Research in Motion will remain the market leader for enterprise wireless email and the company should post a solid growth over the next several quarters, he believes growing competition may pressure market share in the larger pro-sumer and consumer markets.
He expects LG to launch a non-Blackberry wireless email device at Cingular in the near future, and believes large OEMs such as Nokia, Motorola, and Siemens are ramping initiatives targeting corporate email users.
Walkley cuts his $2.69 fiscal 2006 (ending February) earnings per share estimate to $2.66 and $3.07 fiscal 2007 to $2.91.