Downgrade of RIMM After Motorola and Nokia News

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Standard & Poor’s Equity research downgraded Research in Motion to “hold” from “buy.” “Even though we expect Research in Motion to report strong August [fiscal second] quarter results, we are concerned about emerging competition from Motorola and Nokia entering the mobile e-mail market with new wireless devices and messaging centers,” S&P Equity Research said.

On Tuesday Nokia announced the launch of Nokia Business Center, a new software service for mobile e-mail from its smartphones. In July, Motorola introduced a new device that will compete against the BlackBerry. “Despite legal risks from suit by NTP Inc., we would hold Research in Motion, priced 22% below its 52-week high, in line with peers but growing faster,” S&P Equity Research said.

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