Another Wall Street analyst has given up on BlackBerry-maker Research In Motion (RIMM).Adnaan Ahmad of Berenberg already rates RIM a SELL. And today he has slashed his price target from $55 to $36:
RIM (SELL, PT cut from $55 to $36) – we remain bearish on margins as the company struggles to expand into consumer and increasing competition in its core North American markets.
Based on the rise of Android and the iPhone, we think $36 could just be the beginning.
Specifically, we think RIM’s future might be a re-run of Nokia or Palm, as RIM falls farther behind iPhone and Android, corporations give employees the ability to choose their own wireless devices (many are choosing iPhones and Android phones), and the consumer market gets more competitive.
Bernstein analyst Pierre Ferragu recently laid out the bear case here >