* Shares down 11.2 pct in premarket trade
* Goldman drops rating to ‘neutral’ from ‘buy’
TORONTO, Sept 25 (Reuters) - Shares of Research In Motion RIM.TO RIMM.O fell more than 11 percent on Friday after the BlackBerry maker reported a lower profit and gave an outlook that fell short of analysts’ expectations. [ID:nN24466680]
Goldman Sachs cut its rating on the stock to “neutral” from “buy,” citing doubts about the company’s ability to maintain market share in North America.
“In addition, a second consecutive decline in international sales tempers our expectations for share gains overseas,” Goldman analyst Simona Jankowski wrote in a note to clients.
Research in Motion’s U.S.-traded shares fell to $73.75 in trading before the morning bell, after closing Thursday at $83.06 on the Nasdaq.
“RIM is unlikely to maintain its over 50 percent share in North America in the face of increasing competition from Apple (AAPL.O), Motorola MOT.N, and Palm PALM.O, among others, as even in a still-benign competitive environment and with two newly launched products, RIM lost share for the second consecutive quarter,” said Jankowski.
Brokerage firm Raymond James also cut its rating on RIM to “market perform” from “outperform.” (Reporting by Euan Rocha; Editing by Lisa Von Ahn)