RIMM: Numbers Are Coming Down

Research In Motion (RIMM) this morning has been hit a flurry of analyst estimate cuts, as the Street follows Nokia’s lead reduces its expectations for 2009 handset sales. Thomas Weisel’s Matthew Sheerin this morning trimmed his FY 2009 EPS estimate to $3.51, from $3.55, and cut FY 2010 to $4.15, from $4.96. He maintains his Overweight rating, though, and says early signals suggest strong demand for the BlackBerry Bold. “We spoke with more than 60 AT&T and Rogers stores this past week, and found overwhelming evidence that recently launched Bold Blackberry is off to a great start and, in many cases, is already the top selling smartphone,” he writes. “In fact, many sales people described the Bold as ‘flying off the shelf’ though 93% of stores still had at least one in stock.” But he also writes that “we don’t believe RIMM will be totally immune from dramatic slowdown in both consumer and enterprise spending.” He cut his ... (link)