UPDATE: Wedbush Reduces PT to $9.50 on Research in Motion Post CEO Update

Wedbush reduces its price target on Research in Motion RIMM from $11.50 to $9.50 as it reiterates a Neutral rating on shares. Wedbush notes, "We continue to remain cautious on RIM and are reducing our estimates to reflect comments made by RIM's CEO in his business update. As we have consistently noted, we believe that the company's integrated strategy is too far behind Apple's. The business update serves to confirm our checks shared in our note yesterday indicating that products have become long in the tooth ahead of the BlackBerry 10 launch by the end of 2012." RIMM closed at $11.23 on Tuesday.