Analyst Peter Misek of Jefferies & Co. cut his price target for RIM because he's unimpressed with RIM's latest hardware. He doesn't believe the new BlackBerry 7 devices will be good enough to capture interest in BlackBerry again. Sadly, he's probably right.
Jefferies & Co.’s Peter Misek today cut his price target on the shares to $22 from $24, while reiterating an Underperform rating, arguing that “handset shipments will be worse than expected in the November quarter [RIM's fiscal Q3] despite the sell-in of new OS 7 handsets.”
Basically, the units won’t get enough push from carriers, he thinks: “Preliminary reviews of the handsets cite improved speed but a browsing experience still inferior to Android and iOS. We do not believe carriers will put extensive marketing dollars behind the new handsets.”
Jefferies & Co.’s Peter Misek today cut his price target on the shares to $22 from $24, while reiterating an Underperform rating, arguing that “handset shipments will be worse than expected in the November quarter [RIM's fiscal Q3] despite the sell-in of new OS 7 handsets.”
Basically, the units won’t get enough push from carriers, he thinks: “Preliminary reviews of the handsets cite improved speed but a browsing experience still inferior to Android and iOS. We do not believe carriers will put extensive marketing dollars behind the new handsets.”
