James Faucette, a Pacific Crest analyst, has put a dent in the slight recovery Research In Motion stock has made over the past few weeks after he stated that the Canadian firms upcoming Operating System, BlackBerry 10, would be Dead on Arrival. After the report, RIM’s stocks took a sharp 7% nose dive.
In the high impact report, the analyst said that, “We believe BB10 is likely to be DOA. We expect the new OS to be met with a lukewarm response at best and ultimately likely to fail.” Faucette has a sell rating on RIM stock which means that he is advising people to get rid of their share because in his opinion they will not gain any ground in the near future.
RIM hit a record high for its shares in 2009 when the company’s stock was worth $140. The current price is around $8, a mere whimper in comparison to the stock peak. The beleaguered company has had much of its downfall due to an impressive charge from smartphone and software developers like Apple, Samsung and Google. The company has seen customers switch to the newer devices and major corporate clients like Yahoo and the Pentagon making the move to Apple’s iPhone or devices powered by Google’s Android operating system.
BB10 is thought to be the company’s only hope of recovery, however the build up to the launch of the OS and related devices has seen tepid sales numbers.. RIM has stated that 50 wireless carriers have started testing BB10, a major coup and the stock market responded positively to the news. Furthermore, BB10 has gotten favorable reviews from several prominent sources and more Canadians have said they will buy a BB10 device than an Android smartphone. Critics claim that BB10 has made a mistake by waiting so long to launch its devices and that missing the Christmas shopping season is not a good plan, however quality and innovation trumps all.
Source: TechVibes
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