Barclays Capital cuts RIM’s price target

Comments

Hmmm… Not good Monday morning news for RIM today. Reuters is reporting that Barclays Capital has cut its price target on RIM from $90 to $60, and global handset sales in 2009 from 3% growth to 5% decline. Barclays also cut its smartphone growth estimate to 25% from 40%.

Barclays analyst Jeff Kvaal cut his estimates on RIM, citing the slowing demand for smartphones, offset partially by the company’s third-quarter phone launches.

“RIM’s four new device launches should partially balance the weak market,” Kvaal wrote in a note to clients.

RIM is trading right now just below the $42 mark, after opening this morning at $39.50.

|via Reuters|