About a month ago Bernstein analyst Pierre Ferragu said “things can’t get worse” for Research in Motion in the foreseeable future, and therefore the stock was a hold.Whoops.
He’s changing his mind this morning, rating the stock “underperform” and giving it a price target of $20.
He says sales are coming in much worse than expected, and even at its current valuation of just .7X sales, the stock is expensive.
RIM has lost share in the U.S., and now Ferragu says it’s starting to lose share in Europe.
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