RIMM: Credit Suisse Contends FY 2010 Estimates Too High

Back on June 26, Credit Suisse analyst Kulbinder Garcha picked up coverage of Research In Motion (RIMM) with an Underperform rating, setting a $100 price target. So far, he’s looking like a genius: RIMM shares are since down 16 percent. His view was that RIMM’s EPS momentum is poised to slow over the next 12 months due to loss of market share in North America and pressures on gross margin. In particular, he asserted that the company was likely to lose share to Apple (AAPL) and AT&T (T) with the introduction of the iPhone 3G. Garcha set EPS estimates of $3.56 for the Feb. 2009 fiscal year, and $4.54 for FY 2010, below the Street at $3.81 and $5.41.

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