UPDATE: Raymond James Lowers PT to $12 on Research in Motion Following Pre-Announcement

Raymond James reduces its price target from $15 to $12 on Research in Motion

as it reiterates a Market Perform rating on shares following the company's business update last night. Raymond James comments, "After market close, RIM preannounced that it now expects to report an operating loss for 1Q (before charges if any). …We have reduced our forecasts a second time with F2013 EPS moving to -$0.34 (from $1.69) and F2014 now at $1.43 (from $1.91). It is noteworthy that the bankers' mandate, as detailed in the press release, did not include the sale of the company. That said, as CEO Heins has stated in prior Q&A, they would consider a sale if the strategic review led them in that direction." RIMM closed at $11.23 on Tuesday.