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Unimpressed with new BlackBerry phones, analysts cut RIM targets

BGR took hands-on looks at the all new BlackBerry Bold 9900, the BlackBerry Torch 9810 and the BlackBerry Torch 9850/9860 last night, and while we were pleasantly surprised with RIM’s new hardware, several analysts were not impressed. Jefferies & Co.’s Peter Misek and Sterne Agee’s Shaw Wu each cut their price targets on RIM stock Thursday morning, suggesting that the Waterloo, Ontario-based vendor’s BlackBerry 7 phones just aren’t enough to reignite the public’s interest in BlackBerry devices. “Handset shipments will be worse than expected in the November quarter despite the sell-in of new OS 7 handsets,” Misek wrote Thursday in a note to investors. RIM said on Wednesday that the upcoming BlackBerry device releases across more than 225 carriers will be the vendor’s biggest launch ever, but Misek isn’t convinced that the handsets will get enough of a push. “Preliminary reviews of the handsets cite improved speed but a browsing experience still inferior to Android and iOS. We do not believe carriers will put extensive marketing dollars behind the new handsets,” he wrote. Shaw Wu at Sterne Agee said the devices were “better late than never,” but like Misek, he’s still not convinced the devices will be a hit. Misek cut his price target on RIM stock to $22 from his earlier target of $24, and Wu dropped his target to $23 from $27.

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Zach Epstein

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.