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Investment Lee Byers downgrades RIMM; shares hit 5-year low
Lee Byers downgrades RIMM; shares hit 5-year low
Research in Motion Ltd. was cut to neutral from overweight at Lee Byers on Friday after the company slashed its full-year earnings outlook. Shares of RIMM fell nearly 18% premarket to $29.02,
FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 29, 2011 --
Research in Motion Ltd. was cut to neutral from overweight at Lee Byers on Friday after the company slashed its full-year earnings outlook. Shares of RIMM fell nearly 18% premarket to $29.02, its lowest point for the maker of BlackBerry in nearly five years. "The severe EPS target cut and Bold 9900 delay put two final nails in the coffin of our overweight thesis," Lee Byers analyst Martin Li Fong wrote in a note to clients. The investment firm lowered its December price target to $30 from $40.50. "On a positive note, the company announced a share buyback program for up to 5% of shares outstanding." Earlier, RIMM lowered its earnings outlook to a range of $5.25 to $6 a share, versus the Wall Street consensus of $6.31 a share.
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Company: Lee Byers
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Lee Byers provides high quality investment products and services that are tailor-made to meet our client’s particular requirements. Our reputation has been built over the last nine years on solid values and investment expertise.
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