UPDATE: Canaccord Genuity Lowers Research In Motion's PT

According to a research report published this morning, Canaccord Genuity has lowered Research In Motion's RIMM PT from $12 to $10. In the report, Canaccord Genuity commented, "Consistent with our checks indicating very soft BlackBerry smartphone sales in recent months, RIM provided updated guidance for an expected operating loss for the May quarter or well below our 5.4% operating margin estimate. While RIM no longer provides guidance, RIM management does expect continued soft results for the next couple quarters ahead of new BB10 smartphones targeted for a late C2012 launch. Given intense smartphone competition and our expectations for many rival product launches including an LTE iPhone 5 before RIM's BB10 refresh, we maintain our bearish view on RIM fundamentals." Canaccord Genuity maintains its hold rating on Research in Motion Ltd., which closed yesterday at $11.23.