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We do not believe RIMM is an acquisition target or the company is looking to break itself up for sale. We believe RIMM will fight to try to develop & launch more compelling product offerings. We see Promotion Commotion (carriers shifting advertising & subsidies away from Blackberry), BYOD (Bring/Buy Your Own Device via Sandboxing corporate secure Sandboxing) and the Apple & Android invasion all posing meaningful challenges to RIMM. We are lowering our target price from $20 to $15 and reiterate our Sell rating. Target price is based on revised earnings and a 50% discount to the current S&P500 P/E; this is lower than our previous 40% discount, but justified in our view given deteriorating fundamentals. Lower units are key driver of reduced EPS. - Citigroup
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Bankruptcy seems like the path of least resistance. The company is on the decline stage; once you get there no willing buyer will touch it.