Research in Motion (RIMM) NewsBite - RIMM Falls on Downgrade And Analyst Bearishness
Posted: Wednesday, November 18, 2009 9:53 AM EDT
By: Market Intelligence Center Staff
Research in Motion (NasdaqNM: RIMM) opened at $60.98. So far today, the stock has hit a low of $60.12 and a high of $60.98. RIMM is now trading at $60.63, down $0.77 (-1.25%). Over the last 52 weeks the stock has ranged from a low of $35.05 to a high of $88.08. RIMM was downgraded by analysts at BMO Capital Markets this morning to Market Perform from Outperform. The analysts also reduced their price target for the stock to $64 from $100, adding in a note to investors that the company's earnings could fall "as smartphone demand moves down the income ladder." This could be a bad sign for RIMM. Technical indicators for the stock are bullish and S&P gives RIMM a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on RIMM the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 75 range. [ABR-Seven Summits Strategic Investments NewsBite]
CLICK HERE: FREE Research in Motion (RIMM) Stock ReportSee what our analysts have uncovered about Research in Motion (RIMM).
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