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Research in Motion Not a Takeover Target: Analyst

"They are recognizing some of their vulnerabilities and trying to fix those. But I don’t know that splitting up the co-CEO roles is what will fix the company," he said. The BlackBerry maker reports second-quarter earnings after the market closes Thursday.

Hoffman is "highly skeptical" that RIM—whose sales are lagging rival Apple's iPhone and phones running Google's Android software—is a takeover target.

"Because they have a proprietary operating system, because a lot of their revenue comes from that service-provided model, there’s not a whole lot for somebody to come in and acquire," he said. "At these price levels we don’t expect them to be acquired."

Hoffman has an "underperform" rating on the stock. He said RIM needs to "reconcile that service-provider business model and get into more of an Internet-based model, something that embraces the web more freely."

Among the few Wall Street analysts with an upbeat outlook on the company is Sterne Agee, which this week raised its earnings estimates on RIM. It has a “buy” rating on the stock, and set a price target of $35 price target.

Separately, UBS recently raised its price target to $32 a share from $30 a share, with a “neutral” rating.

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Disclosures:

Neither Matthew Hoffman nor his company own RIMM shares.

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