Markets & Finance

Piper Jaffray Downgrades Research In Motion

Piper Jaffray downgrades Research In Motion (RIMM) to market perform from outperform.

Analyst T. Michael Walkley downgrades the stock on growing competition in the "pro-sumer" market. While he believes Research in Motion will remain the market leader for enterprise wireless email and the company should post a solid growth over the next several quarters, he believes growing competition may pressure market share in the larger pro-sumer and consumer markets.

He expects LG to launch a non-Blackberry wireless email device at Cingular in the near future, and believes large OEMs such as Nokia, Motorola, and Siemens are ramping initiatives targeting corporate email users.

Walkley cuts his $2.69 fiscal 2006 (ending February) earnings per share estimate to $2.66 and $3.07 fiscal 2007 to $2.91.

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