Others were more upbeat. UBS Securities raised its price target, as did Raymond James, while Canaccord Adams and National Bank Financial kept it steady.
Raymond James analyst Steven Li upped his target on RIM stock to $82 from $80. Canaccord Adams analyst Peter Misek held the stock at a "buy" with a target of $100.
Wrote National Bank Financial analyst Richard Tse, whose price target on the stock is $100: "While our initial take after seeing the results yesterday (light revenue and units) didn't exactly have us ecstatic, following further analysis, the outlook and the company's conference call, we think things are right on track, particularly when it comes to the back half of this year."
Said Mr. Misek: "While at first blush shipments in the quarter appear light, we expect this to be the result of a one-time inventory adjustment at carrier partners. More importantly, we believe RIM will continue to demonstrate strong device shipments and robust margins ... We continue to be impressed with RIM's execution and anticipate strong top-line growth in the coming quarters driven by new products, further gains in international markets and a resurgence in corporate IT."
Added Mr. Li: "RIM is now an international growth story … BlackBerrys have gone viral in many regions including Venezuela and Indonesia, accentuated by the popularity of the BlackBerry Messenger and the platform security. The U.K., Mexico and Brazil were other strong international markets for RIM in the quarter."
Analysts still see heated competition as the BlackBerry is challenged by smart phones such as the iPhone from Apple Inc. and those using the Android operating system by Google Inc. Read the story
Apple's iPad wins strong reviews
The new iPad from Apple Inc. is winning rave reviews from some who have tried it out and praise both its battery life and how easy the new tablet computer is to use. The touch-screen tablet, which goes on sale in the United States this week, isn't a knockout punch against the laptop, reviewers say, but it will present a serious challenge. The bottom line in reviews in both The New York Times and The Wall Street Journal is that it will mean everything to certain users, basically those looking for Web surfing, e-mail, music and the like, but won't be enough for those who need to perform more complex tasks. "If people see the iPad mainly as an extra device to carry around, it will likely have limited appeal," wrote The Wall Street Journal's Walter S. Mossberg. "If, however, they see it as a way to replace heavier, bulkier computers much of the time - for Web surfing, e-mail, social networking, video- and photo-viewing, gaming, music and even some light content creation - it could be a game changer the way Apple's iPhone has been."
EMI fails to strike deal
Reports from London this morning say EMI, the music company that boasts the Beatles, Coldplay, Pink Floyd and others, is in serious trouble after it failed to strike an agreement to sell distribution rights in North America. The Associated Press quotes sources as saying the company had hoped to raise about £200-million ($308.2-million Canadian) by offering a five-year licensing deal with either Universal Music Group or Sony Music. The deal collapsed on price issues, it sale. Now, EMI still must find £120-million by the middle of June to meet debt payments to Citigroup Inc. Read the story
Chinese steel producer wants long-term pricing
The controversy over the pricing of iron ore continued today as Baosteel, one of the top steel makers in China, said the longer-term system is a benefit to both suppliers and steel mills. "We hope the miners will consider long-term interests and protect the development of both the upstream and downstream parts of the industry," Baosteel chairman He Wenbo told a meeting in Beijing today, according to Reuters.
Vale SA of Brazil and Australia's BHP Billiton struck deals earlier this week that break from a 40-year tradition of annual contracts in favour of shorter-term quarterly pacts. The most recent deals also call for sharply higher prices that are expected to ripple through the global economy given the predominance of steel in many products.
Yesterday, steel makers in Europe called for an antitrust investigation, while auto makers and others warned they could be hit hard by higher prices.
From today's Report on Business