RIM Stock Report: so-so Q2, future looks bright?

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RIM 6 month stock chart

RIM will be releasing their Q2 financial report tomorrow, and you can expect full coverage on BlackBerry Cool. However, that doesn’t mean financial analysts can’t all make predictions today as to how RIM will perform tomorrow. SeekingAlpha has pulled together a great round up on what happened to RIM in Q2 and what Q3 should bring.

Although the company’s prospects are riding high with the release of its 3G BlackBerry Bold device and the recent announcement of the consumer-friendly BlackBerry Pearl Flip, RIM shares are trading about 50% below the 52-week high it reached back on June 19. The stock was changing hands at just above the C$101.50 mark at 11:30 am E.T.

Furthermore, analysts are expressing concern about how much impact the current financial crisis will have on RIM. They’re also worried about the delay in launching the BlackBerry Bold in the U.S., the company’s largest market.

Despite that rather grim perspective, many analysts remain hopeful that Q3 will be a big one for RIM.

Most analysts believe that the release of new devices, such as the BlackBerry Pearl Flip 8220 and the BlackBerry Storm, coupled with strong current sales despite the economic downturn, will be a winning combination for RIM.

Research Capital’s Nick Agostino:

Our channel checks show continued solid demand for BlackBerries, despite economic concerns. With the Bold device almost in full release – AT&T (T) upcoming – the Flip Pearl set to ship in the third quarter, and more devices expected by the end of FQ3, we believe upcoming guidance has the potential to exceed expectations much like when the first consumer device (Pearl) was launched exactly two years ago.

JP Morgan analyst Paul Coster expects RIM’s results to meet or beat expectations based on the strength of BlackBerry Curve and Pearl sales and strong early adoption of the Bold in international markets:

At the threshold of a new product cycle, we would remain buyers of RIM but the possibility of a conservative third quarter guidance (associated with uncertain product timing) could present investors with a more attractive entry point.

Analyst consensus for RIM’s second quarter is $2.59-billion in revenue, $0.87 in earnings per share, 6.17 million in handset sales and 2.62 million new subscribers. RIM has provided guidance of C$2.55-billion to C$2.65-billion in revenue, between $0.84 to $0.89 in earnings per share, with more than six million in handset sales and 2.6 million new subscribers. We’ll see how close the predictions are tomorrow.

(via SeekingAlpha)