RIM’s stock has been taking a bit of a dip lately due to worries of a recession in the US, causing Canaccord Adams to drop their target price from $145 to $110 and downgrading the stock to “hold” status. The stock saw a pretty nice jump after the last quarterly results, and cruised over $100 for awhile, but is cooling off at around $93 right now. RIM was far from alone, as Motorola, Nokia, Palm and Apple all saw declines recently as well.
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Alright, i find that a little bit too dramatic, IMO. Bear Sterns cut the price target as well, from $160 to $150 but at least they kept their performance rating to “outperform” (the market). These guys are making quite a bold statement, meaning that, it’s a heavy drop and an unexpected one at that.
One thing is for sure, we all know that the States is in trouble (buying power, unemployment, recessions worries etc.)and would have an affect on most of the sectors but having a nice agreement with China would defenitely help ease the situation for RIM.