November 17, 2008 / 3:00 PM / 10 years ago

UPDATE 1-Barclays cuts Research In Motion price target

(Recasts; adds details, share movement)

Nov 17 (Reuters) - Barclays Capital cut its price target on BlackBerry maker Research In Motion’s RIM.TO RIMM.O stock to $60 from $90, and said it expects a 5 percent decline in global handset units sales from prior forecasts of 3 percent growth in 2009.

Barclays cut its smartphone growth estimate to 25 percent from 40 percent amid a rapidly deteriorating retail climate and Nokia Oyj’s NOK1V.HE reduced forecast.

Last week, Nokia said 1.24 billion phones would be sold worldwide this year, down from a previous estimate of 1.26 billion, and said handset market volumes and the overall telecommunications equipment market was expected to fall next year. [ID:nLE248399]

Barclays analyst Jeff Kvaal cut his estimates on Research In Motion, citing the slowing demand for smartphones, offset partially by the company’s third-quarter phone launches.

“RIM’s four new device launches should partially balance the weak market,” Kvaal wrote in a note to clients.

Shares of Research In Motion were trading up 80 cents at $40.80 early Monday morning on Nasdaq. (Reporting by Shrutika Verma in Bangalore; Editing by Pratish Narayanan)

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