UBS Worried About RIM's (RIMM) International Expansion
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Rating Summary:
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Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 11 | New: 17
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Following Research In Motion (NASDAQ: RIMM) filing an annual report with the Securities and Exchange Commission on Tuesday, UBS noted a concern with what it contained.
The firm said, “In its annual filing, RIMM disclosed 54.6% of Blackberry users were now coming from outside North America. We believe the implication is that North American net adds either declined quite precipitously in the quarter or, even more surprisingly, could have turned negative, i.e., net losses….Service plans being offered at lower prices to carriers….Strong acceptance of new products coming later this year will be critical for RIMM.”
RIM is set to launch the Storm 3 and Torch 2 smartphones this year, along with the critical Playbook tablet next month.
UBS maintains a Neutral rating and $63 price target on RIM. Shares of RIM are up 20 cents to $56.74 in after market movement Thursday after closing down 49 cents.
The firm said, “In its annual filing, RIMM disclosed 54.6% of Blackberry users were now coming from outside North America. We believe the implication is that North American net adds either declined quite precipitously in the quarter or, even more surprisingly, could have turned negative, i.e., net losses….Service plans being offered at lower prices to carriers….Strong acceptance of new products coming later this year will be critical for RIMM.”
RIM is set to launch the Storm 3 and Torch 2 smartphones this year, along with the critical Playbook tablet next month.
UBS maintains a Neutral rating and $63 price target on RIM. Shares of RIM are up 20 cents to $56.74 in after market movement Thursday after closing down 49 cents.
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