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RIM Misses Target for New Smartphone Models
Research In Motion is losing money for delays in releasing new models in the market. It missed the opportunity provided by Nokia’s decision to abandon the development of its own software. This is according to an analyst from the Citigroup.
Citigroup has downgraded RIM’s rating from but to hold. It said that the BlackBerry touchscreen models missed out on the back to school season because of delays in its production. Most of RIM’s new models have not been certified by the major wireless carriers and are not yet in the mass production stage.
The Citigroup decreased the target price on RIM’s shares from $80 to $45. Last Thursday, its stocks increase 2.4 percent to $37.61 on the Nasdaq after plummeting in five of the last seven seasons. It has already lost a third of its value in 2011.
RIM showcased its touchscreen version of the Bold smartphone and promised to release radio-enabled versions of the PlayBook tablet in summer. Analysts are pessimistic about the company since it warned that weak sales in the United States and Latin America would curb its profits this quarter.
The BlackBerry PlayBook was released in April and has been criticized since. It runs on QNX operating system and will replace its smartphone platform in 2012.