Comscore recently came up with a report on U.S. smartphone subscriber market share for smartphones based on Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL), Research in Motion (NASDAQ:RIMM), Microsoft (NASDAQ:MSFT) and Nokia (NYSE:NOK) platforms.  It was no surprise to see Google Android widening its gap with Apple, while RIM continued its decline in the smartphone market.
How has RIM fared in the last year?
We were interested to see how much has RIM lost its ground in the last year and compiled this in the above chart. We found that RIM’s market share has almost halved after declining from 40% in June last year to 23% in June this year. However, its stock has slumped even more and declined from a peak of $70 in February this year to less than $24 as of today.
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We have a $43 price estimate for RIM stock, and our price estimate is about 80% above market price.
What justifies our $43 price estimate?
Although things are looking bad for RIM in the near term, we believe that there is value in the shares over the medium term if the QNX operating system and careful choice of product portfolio can stop the slide on market share for the Canadian company. We discussed in our earlier note titled What Justifies Our $43 RIM Estimate.Notes: