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December 3, 2008, 2:07 pm
RIMM Shrs Hold Up Despite Warning; Worries On Margins, Recession, Rivals Offset By High Hopes For Bold, Storm

Posted by Eric Savitz
Research In Motion (RIMM) shares have had a remarkably subdued response to last night’s warning on November quarter results.
The Street is of two minds here.
On the one hand, there were widespread expectations that the company was going to miss, particularly given recent warnings from Nokia and Palm; the question was by how much. And some analysts suggest there is relief on the Street that the miss wasn’t larger. Meanwhile, some observers took comfort from bullish comments on the progress so far of its new marquee phones, the Bold and the Storm. And several point out that the company remains a leading player in one of the few tech segments likely to produce double-digit revenue gains in 2009: smartphones.
On the other hand, the company projected gross margins a bit below the Street’s liking, and there are signs that the new phones are eating into demand for older models, in particular the Curve and the Pearl. There were also some negative comments on the Storm, with one analyst asserting that, while Verizon stores are stocked out, the rate of returns has been high. It’s also hard to imagine that the company going forward will avoid feeling some impact from the ongoing recession.


Nearly every analyst on the Street who covers the stock cut estimates today, and many reduced their price targets, some quite substantially. Here’s a rundown on what some of them are thinking:
  • Jim Suva, Citigroup: Hold rating; cuts target to $43, from $53. “RIMM is not a fresh money buy until there is more clarity on demand and success of consumer push and stability in gross margins…also need further cuts to consensus estimates as we don’t think this is a 1 quarter issue.” But he also says that the stock is still a growth story. “We’re not sellers here.”
  • Sameul Wilson, JMP Research: Market Perform rating; target to $55, from $80; but notes that “we do think the company has a solid portfolio going into the February quarter.”
  • James Faucette, Pacific Crest: Sector Perform rating. Checks with retailers find that sell-through of the Pearl and Curve is declining, due in part to cannibalization from the Storm and the Bold. He says that “risks to estimates persist,” with “pricing and margin pressure” likely to persist.
  • Tim Long, Bank of America: Buy rating; but cuts target to $50, from $122. While macro uncertainty will impact the company, “we still see a very strong product cycle with a full quarter of Storm and Bold” ahead as well as coming iDen and Javelin launches.
  • Rob Sanderson, American Technology Research: Maintains Buy rating, asserting that the quarter “was not the disaster many had feared.” Adds that “while controversy will not clear in the near-term, we believe in the secular story and think the stock can provide very significant returns from here.”
  • Mike Abramsky, RBC Capital: Sector Perform rating; target to $45, from $65. He sees ongoing risks, including weakening macro environment, reduced margin visibility and interim execution issues.
  • Scott Coleman, Morgan Stanley: Equal Weight rating. He says the stock will be range bound “until investors become comfortable that RIMM’s operating model will not evolve into a traditional handset margin structure.”
  • Jeff Kvaal, Barclays: Overweight rating; target to $56, from $60. He says the “expected news” may offer some short-term relief, but that “a major upward move likely requires margin stabilization.”
  • Simona Jankowski, Goldman Sachs: She keeps a Buy rating, but pulls the stock from the firm’s Conviction Buy List, asserting that the company will be one three long-term smartphone leaders, with Apple and HTC. She notes that Storm demand has been better-than-expected despite wide-spread concerns over software glitches.
  • T. Michael Walkley, Piper Jaffrey: Neutral rating, $43 target. He contends that, contrary to the assessment of some other analysts, that results for the Storm have been “mixed to disappointing.” He contends checks with retailers finds “a relatively high rate of return of Storms from disgruntled customers.”
  • Brian Modoff, Deutsche Bank: Sell rating, $30 target. He contends the reception to both the Bold and the Storm has disappointed. “We think the Storm has numerous flaws and the functionality of both devices is largely unchanged from previous devices. This makes for a poor comparison with competitive products.”
http://blogs.barrons.com/techtraderdaily/?s=rimm&x=7&y=10

3 dicembre 2008
RIMM ha tagliato le sue stime per il suo terzo trimestre fiscale terminato lo scorso 29 novembre. L'impresa del BlackBerry si attende ora un utile adjusted per azione di $0,81 - $0,83 e ricavi di $2,75 - $2,78 miliardi. In precedenza Research In Motion aveva previsto un utile adjusted per azione di $0,89 - $0,97 e ricavi di $2,95 - $3,10 miliardi.

http://www.borsainside.com/mercati_usa/dicembre_2008/20081203_rimm_warning.shtm
 
Research in Motion ready for tough 2009
December 16, 2008, 12:43 PM
2009 is going to be a tough year for the handset market, says Scotia Capital analyst Gus Papageorgiou, but with the rocky launch of BlackBerry Bold and Storm behind it, Research in Motion Ltd. looks well positioned to handle the tough times and grow their business in the process.
"Concerns over the industry in 2009 have been foremost in many investor's minds," Mr. Papageorgiou said in a note to clients. "These concerns centre around both the potential for growth and the impact of a fiercely competitive environment on handset margins."
That said, Mr. Papageorgiou concludes that the handset market, which is expected to see a net decline in volumes of 10%, will reward the Smartphone market at the expense of the legacy mobile phone makers.

The analyst told clients that names like Motorola, Samsung, LG and Sony Ericsson will experience a sharp decline in volumes next year, while Nokia Corp., Research in Motion and Apple Inc., will continue to gain traction in the market with their more "intelligent" devices.

"So, while there is little doubt the entire handset market will be under pressure in 2009, it is the traditional handset market that will bear the brunt of the decline. The Smartphone market, and the players focussed on this segment are likely to continue to see growth."
Mr. Papageorgiou told clients that he expects Research in Motion to report inline third quarter results on Thursday including revenues of US$2.767-million, earnings per share of US81¢, 6.5 million handsets and 2.6 million subscriptions.
He said guidance for the fourth quarter should be solid as well, with revenues hitting US$2.9-billion and EPS of US87¢. He estimates 7.1 million devices will be sold in Q4 with 2.9 million subscriptions added.
"Q4 will enjoy an almost completely refreshed product line including the touch-screen Storm, the new Curve 8900, the Bold in the U.S. market and the flip-Pearl, the Scotia Capital analyst said. "Now that these devices have launched we believe revenue predictability will improve."
Mr. Papageorgiou has "sector outperform" rating and a one-year price target of $105.
http://network.nationalpost.com/np/.../research-in-motion-ready-for-tough-2009.aspx

What crisis? RIM wants to hire 1,250 new employees

Although the current economic situation forces big companies to fire many of their employees (see AT&T, Sony Ericsson and even Nokia), Research in Motion seems to be doing better than ever.
According to Financial Post, the Canadian manufacturer of BlackBerry smartphones is currently in need of more than 1,250 new people to fill positions across the world, from the US to Australia. Most of the jobs, however, are available at RIM’s headquarters in Ontario, Canada, being related to product development and R&D departments.
The need for new employees most probably has a lot to do with the success of RIM’s latest handsets, like BlackBerry Bold, BlackBerry Pearl Flip and BlackBerry Storm.
In the third quarter of 2008, the Canadian company was the world’s second largest smartphone manufacturer, with almost 16% of the market share.
http://www.unwiredview.com/wp-content/uploads/2008/12/rim-logo.jpg
For the moment, RIM has about 10,000 employees – far less than giants like Nokia, for example, which employs 123,000 people.

http://www.unwiredview.com/2008/12/15/what-crisis-rim-wants-to-hire-1250-new-employees/
 
William Blair Initiates Coverage on Research In Motion (RIMM) with a Market Perform

December 10, 2008

CHICAGO--(BUSINESS WIRE)-- William Blair & Company initiated research coverage of Research In Motion Limited (Nasdaq: RIMM) ($39.49) with a Market Perform rating and an Aggressive Growth company profile in conjunction with the issuance of an Industry Report titled "The Rise of Smartphones."
Analyst Anil Doradla said, "Over the past several years, Smartphones have not only been the fastest-growing segment in the wireless industry, but also have redefined the role of a mobile device. The growth profile of the industry has attracted a wide variety of participants, and with the entry of new players, roles are being redefined. Given this, we believe Smartphones should be viewed as an ecosystem that includes not only handset vendors and associated semiconductor vendors, but also Web companies, content vendors, and third-party applications vendors. Investors seeking secular growth stories in the wireless communications industry will likely find few attractive investment opportunities outside the Smartphone ecosystem. While many companies are expected to participate directly and indirectly in Smartphone growth, we believe a subset of the participants will be the key beneficiaries of these secular tailwinds."
Doradla estimated that Research In Motion Limited (RIM), a leading Smartphone vendor that has pioneered mobile e-mail with its iconic BlackBerry devices, would generate fiscal 2009 earnings per share of $3.39 and fiscal 2010 earnings per share of $3.99.
"We believe RIM benefits from having the right products at the right time (Smartphones expected to register a five-year CAGR of 21% between 2007 and 2012) and in the right place (42% market share in North America in the third quarter)," Doradla said. "While we like RIM's fundamental story and its reasonable valuation at current levels, and have a favorable outlook for the overall Smartphone industry, we are initiating coverage of RIM shares with a Market Perform rating predicated on 1) macroeconomic uncertainty, 2) increased competition on the consumer front, and 3) sustainability of RIM's gross margin."

http://www.streetinsider.com/Contri...mited+With+Market+Perform+Rating/4228553.html
 
December 17, 2008 at 4:45 PM EST
Reuters — Investors will keep a close eye on the outlook that Research In Motion Ltd. provides when it reports quarterly results Thursday, hopeful for signs that the global economic downturn is not exacting more pain at the company that makes the BlackBerry smart phone.
RIM cautioned about two weeks ago that it would report weaker-than-expected results for its third quarter, ended Nov. 29. Investors will not only watch to see if the company meets the diminished expectations, but will also focus on its forecast for its fourth quarter, which ends in February.
The company has rolled out a series of handsets – a flip-phone BlackBerry, the touch-screen Storm and the high-end Bold – at the same time as uncertainty has mounted about the appetite of both its large corporate clients and the retail consumer.
Analysts are concerned big companies could delay BlackBerry upgrades as they clamp down on costs and that retail users could choose less feature-rich phones than the BlackBerry in hopes of saving money.
These concerns will be top of mind in the company's fourth quarter, which includes December's traditionally strong holiday shopping season.
A long-term sales slowdown would mark another setback for RIM investors, who have seen the company's shares lose more than 70 per cent of their value since June as the economy slows.
Deepak Chopra, an analyst at Genuity Capital Markets, said Wednesday the fourth quarter will be “the toughest quarter in some time to gauge, given the uncertainty of the new year in both the enterprise and consumer segments, versus RIM's new product lineup.”
On Dec. 2, Waterloo, Ont.-based RIM warned its third-quarter revenue and earnings will come in below earlier forecasts because of the economy as well as delayed product launches.
It said it now expects it will have revenue of $2.75-billion to $2.78-billion (U.S.) and diluted adjusted earnings of 81 cents to 83 cents a share.
“Despite the impact of later product launch dates and general economic weakness in the United States, customer response to the new BlackBerry products launched this quarter has been exceptional and RIM has experienced particularly strong momentum in recent weeks,” it said at the time.
Mr. Chopra agrees with RIM, writing in a note to clients that checks with wireless carriers indicate that the Storm is selling well at Verizon in the United States and Vodafone in Europe, while the Bold is “doing much better than anyone envisioned” at AT&T, another U.S. carrier.
He forecast revenue of $2.97 billion and earnings per share of 84 cents for RIM's fourth quarter, but cautioned that “the enterprise” – or RIM's base of large corporate clients – “is more uncertain.”
RIM's rollout of consumer-aimed devices such as the flip-phone BlackBerry and the Storm is part of its aggressive push to diversify its client base beyond the executives, politicians and other professionals who have been its mainstay.
Even though the company is exposed to the consumer market and intense competition from the likes of Nokia, Motorola and Apple's iPhone, RIM is expected to remain one of the strongest companies among its peers.
“While facing both external headwinds and execution challenges related to its consumer transition, RIM remains a strong competitor with intact fundamentals and competitive advantages, in our view,” RBC Dominion Securities analyst Mike Abramsky wrote in a note to clients ahead of RIM's earnings.
“While risks to growth and margins remain, we do expect RIM to address its execution issues in time.”

http://www.theglobeandmail.com/servlet/story/RTGAM.20081217.wgtrim1217/BNStory/Technology/home
 
December 19, 2008 11:38 AM EST

Raymond James lowers its price target on Research In Motion (Nasdaq: RIMM) from $64 to $57. The firm maintains its Outperform rating on Research In Motion.

Shares of RIM are currently 7.8% higher, most recently trading at $41.47. The stock is seeing upside today on the back of in-line Q3 earnings and better-than-expected Q4 guidance.

Wall Street analysts remain mixed on Research In Motion; some consider it still over-priced while others believe it has been unfairly beaten up considering its growth potential. Earlier, an analyst at Cowen & Co. downgraded the stock from Neutral to Underperform, citing "more questions than answers about the company's Q4 outlook."

http://www.streetinsider.com/Analys...rice+Target+on+RIM+(RIMM)+to+$57/4253397.html

December 19

07:18 EDT RIMM theflyonthewall.com: Recommendation story about Research in Motion from Citigroup Citigroup raised their target to $46 following RIMM's "strong" February guidance and "above normal" bookings, but maintains a Hold rating given the company's EPS deceleration and gross margin declines. :theflyonthewall.com
08:49 EDT
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RIMMtheflyonthewall.com: Rec-Upgrade story about RIMM from TD NewcrestTD Newcrest believes Research in Motion's gross margins have bottomed and that bad news is priced into shares. Target to $70 from $75. :theflyonthewall.com
08:21 EDT RIMM theflyonthewall.com: Research in Motion-RIMM valuation is compelling, says JMP SecuritiesAfter RIMM reported higher than expected EPS, JMP Securities maintained their Outperform rating.

blackberrynews.jpg
 
Vodafone and RIM Launch the Sleek, New BlackBerry Curve 8900 Smartphone in Spain
06/02/2009 19:44 The FINANCIAL -- Vodafone and Research In Motion (RIM) (Nasdaq: RIMM; TSX: RIM) on February 5 launched the BlackBerry Curve 8900 smartphone for Vodafone customers in Spain.


"The new BlackBerry Curve 8900 has an expansive feature set that keeps users easily connected with their office, friends and family. In addition to being an exceptional phone with email, messaging, organizer, web browser and multimedia applications, the new BlackBerry Curve 8900 features built-in Wi-Fi, GPS, a next generation processor (512 MHz) and a dazzling hi-resolution display, enabling customers to remain connected, productive and entertained while on the move." BlackBerry reports.

Services and Features :
....

http://finchannel.com/index.php?option=com_content&task=view&id=29093&Itemid=13
 
RIMM: utili per il timestre passato e in corso SUPERANO il consensus. +19% in A.H.

4:26 p.m. EDT April 2, 2009



SAN FRANCISCO (MarketWatch) -- Research In Motion Ltd. said Thursday afternoon that earnings jumped nearly 26% -- higher than Wall Street's estimates -- during the fourth fiscal quarter on strong sales of the company's BlackBerry line of smart phones.



The wireless device maker's shares jumped 16% in late trading after the company issued a forecast for the current period that was better than previous expectations.
For the quarter ended Feb. 28, Research In Mot. (RIMM 49.09, +7.6%)said earnings came in at $518.2 million, or 90 cents a share, compared with earnings of $412.5 million, or 72 cents a share, for the same period last year. Gross margins for the quarter came in at 40%. Revenue rose nearly 25% to $3.46 billion for the quarter. The company says it shipped 7.8 million smart-phone units during that time.
Analysts were expecting earnings of 84 cents a share on revenue of $3.41 billion, according to consensus estimates from FactSet Research.
For the current period, RIM said it expects earnings of 88 cents to 97 cents a share -- analysts were expecting earnings of 82 cents a share for the period. Revenue is expected to come in around $3.3 billion to $3.5 billion, compared with the $3.37 billion predicted by Wall Street.
The company said gross margins for the first quarter are expected to come in between 43% to 44%.
"Looking ahead into fiscal 2010, we see exceptional opportunities for RIM and its partners to leverage the investments and success of the past year to continue growing market share and profitability," Jim Balsillie, RIM's co-CEO, said in a statement.

http://www.marketwatch.com/news/sto...x?guid={5637CFBF-93C1-4977-9567-74A234FBDF92}

...
"They are crushing it," Canaccord Adams analyst Peter Misek said. "Not only are they holding up, but it's clear they're gaining market share."
...
<LI class=textBodyBlack>Get After-Hours Quotes for Research in Motion

"There was a big rebound in consumer demand in mid-February,'' he said, adding BlackBerry handsets are selling well with wireless carriers such as Verizon and Vodafone.
To be sure, many corporations are cutting their budgets, which could prompt them to delay upgrading to newer BlackBerry models.
RIM's main customers have traditionally been business executives, lawyers, politicians and other professionals who use its BlackBerry handsets to send wireless email securely.
To diversify its user base, RIM has pushed aggressively into the broader consumer market with multimedia-laden handsets like the Pearl model and the touchscreen BlackBerry Storm—its answer to Apple's popular iPhone.
...

http://www.cnbc.com/id/30012902/site/14081545?__source=yahoo|headline|quote|text|&par=yahoo
 
April 3, 2009
07:55 EDT RIMM theflyonthewall.com: Recommendations story about RIMM from OppenheimerOppenheimer raised their target to reflect what they see as the company's improved margin profile and solid growth opportunities. Oppenheimer maintains their Outperform rating on the stock. :theflyonthewall.com
07:46 EDT RIMM heflyonthewall.com: Recommendations story about RIMM from KaufmanKaufman Bros. believes the company's higher than expected margin guidance was the biggest surprise in its results and guidance. The firm views this as a positive catalyst, but they maintain a Hold rating on valuation after shares rallied 20% after-hours. :theflyonthewall.com
07:41 EDT RIMM theflyonthewall.com: Recommendations story about RIMM from RBC CapitalRBC expects the company's Q4 results to further improve sentiment and they reiterate an Outperform rating on the stock.
:theflyonthewall.com
07:16 EDT RIMM theflyonthewall.com: Rec-Upgrade story about RIMM from CIBCCIBC upgraded Research in Motion to Sector Outperformer from Sector Performer. Target to $75 from $55. :theflyonthewall.com
07:09 EDT RIMM theflyonthewall.com: Rec-Upgrade story about RIMM from Credit SuisseTarget to $61 from $37. :theflyonthewall.com
07:05 EDT RIMM theflyonthewall.com: Recommendations story about RIMM from CitigroupCitigroup raised their estimates and target for RIMM to reflect the company's higher gross margins, but does not view the stock as a new money idea given the after hours run-up following the company's results. The firm keeps a Hold rating on the stock. :theflyonthewall.com
06:59 EDT RIMM theflyonthewall.com: Rec-Upgrade story about RIMM from Cowen:theflyonthewall.com
06:50 EDT RIMM theflyonthewall.com: Rec-Upgrade story about RIMM from Deutsche BankDeutsche Bank upgraded shares to reflect RIMM's better near-term margin guidance and raised their price target on the stock to $56 from $30. :theflyonthewall.com

http://stage.theflyonthewall.com/entry.php?symbol=RIMM
 
Research in Motion's upcoming smartphones

Apr 5, 2009

Now, those are three different devices with practically the same rough specs. We’d wager than the BlackBerry Magnum and Driftwood are the same device just meant for different carriers. Possibly the Driftwood for T-Mobile let’s say, and the Magnum for AT&T (who doesn’t offer UMA). Is that the BlackBerry with touch screen and physical QWERTY? Probably.
Also, we learned that RIM might be slowly refreshing the Bold with a UMA-capable version. Again, we’re not sure if that’s just a version meant for T-Mobile or maybe Rogers or this will be a global refresh (we doubt the last part).
Remember the BlackBerry Gemini? Well, it seems as if that’s not just one device, but rather an entire line of devices. Don’t get too excited, though. We’re told it could possibly just be a refresh of the Curve line-up. (Low cost handsets). The same could also be done with the Pearl line-up.
To recap: the Onyx, Driftwood and Magnum devices are all in the 9000-series family, all have 3G, and all should be absolutely delicious.

http://www.boygeniusreport.com/2009/04/05/rims-upcoming-devices-onyx-driftwood-magnum/

'Stop Trading!': Good Stories Survive

04/06/09 - 03:11 PM EDT
, AAPL , RIMM , GD , LMT

http://www.thestreet.com/story/10482800/1/stop-trading-good-stories-survive.html

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