Gleacher downgraded Research In Motion (RIMM) (RIM.TO) to ‘neutral‘ from ‘buy,’ saying it expects the company to lose share in the high-growth smart phone market as Apple and Android expand carriers and product breadth. If you’re unfamilair with Gleacher, they are an independent investment bank that provides financial advisory and capital raising services in connection with mergers, acquisitions, restructurings and other strategic matters. In the past they have confidently invested into the BlackBerry makers. With todays competition, they are losing interest in RIM and paying more attention to the competition.
“We believe the recent move captures near-term strength and we cannot justify material multiple expansion from here given our projection of slowing earnings growth over the next 2 years,” analyst Mark McKechnie wrote in a note to clients.