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Jeffries Drops Target Price on Research in Motion

Financial News Network
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November 05, 2011 AT 4:35 AM
Jefferies (NYSE:JEF) believes the smartphone market has reached a penetration rate inflection point with 50% of U.S. subscribers using smartphones by year end. The firm expects to see lower ASPs and slower growth in post paid, and downgraded Brightpoint (NASDAQ:CELL) to Hold from Buy and dropped its price target for Research in Motion (NASDAQ:RIMM) to $18.Shares of Research in Motion are trading down 2.12% to $18.51 in mid-morning trade.