(MENAFN- ProactiveInvestors - Australia) Info-tech took a tumble in Canada on Tuesday as Research In Motion (TSE:RIM) (NASDAQ:RIMM) lost around 6.5% as AllThingsD blog reported that Morgan Stanley analyst Ehud Gelblum took a more bearish stance on the Blackberry maker.
According to the article, Gelblum suggested the BlackBerry maker's better-than-expected second quarter earnings were just an anomaly, and not the start of a trend, and was also pessimistic about the launch of the BlackBerry 10 in the new year.
"We continue to believe BlackBerry 10 has a low chance of success," Gelblum said. "While some of the new features on BB10 seem innovative, we had a similar reaction to Palm's webOS when we saw it at CES in '09. Ultimately we believe BB10 is too late, and subs continue to shift to competitive devices."
Gelblum noted two surveys to support his view, with both showing little interest from customers or enterprise app developers in the BlackBerry or BlackBerry apps.
This news follows a rally for the stock in recent days, as many analysts have lifted their ratings on the Waterloo-based tech company on better-than-anticipated reviews of the new operating system.
On Monday, its stock rose after CIBC World Markets analyst Todd Coupland boosted his recommendation to "sector outperform" from the prior rating of "sector underperform", calling the shares "materially undervalued".
And last week, Kris Thompson, a National Bank Financial analyst, suggested investors pick up RIM stock ahead of the anticipated launch of the new BlackBerry 10 on January 30.
"The shipment boost reflects about one more month of BB10 product availability plus a little extra for the positive sentiment building in the industry from our discussions," analyst Kris Thompson wrote.
Earlier last week, analyst Peter Misek at Jefferies & Co. (NYSE:JEF) also upgraded the stock to a hold rating, citing research that shows wireless carriers "have a much more positive view of BB10 than expected."
The company's BlackBerry phones - once a business must-have - have lost significant market share to smartphones made byApple (NASDAQ:AAPL) and phones that use Google's (NASDAQ:GOOG) Android operating system.
The upgrade by CIBC on Monday came with a higher 12-month price target of US$17, more than double his previous US$8 prediction.
RIM shares were lately down 5.8% in Toronto, trading at around $11.21, but its stock is still up more than 48% in the last month.
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