Comscore Jumps on the RIM Dog Pile
Source: Google Finance
Research in Motion (NASDAQ:RIMM) is on the bottom of a growing dog pile of bad news from its delayed BlackBerry launch to its Playbook losing momentum. Investors have capitulated causing its shares to slide 50% since the beginning of the year and over 60% from its February high of $70.54. Comscore just delivered a flying back elbow to RIM by releasing its U.S. smartphone operating system market share data for February to May 2011, which showed that Apple (NASDAQ:AAPL) with 27% market share passed RIM’s that declined to 25%. [1] While seemingly inevitable, it is nonetheless symbolic and underscores RIM’s decline. Google’s (NASDAQ:GOOG) Android operating system leads the pack comfortably rising from 33% to 38% during the same period.
Our $42.60 price estimate for RIM stock is about 50% above market price. We also recently looked at downside scenarios to our optimistic estimates in a note titled RIM Looks Oversold but Here’s How to Justify it.
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See our complete analysis for RIM stock
Notes:- comScore Reports May 2011 U.S. Mobile Subscriber Market Share, July 5th, 2011 [↩]