Another Analyst Feels Negative on RIM

Broadpoint.Amtech analyst Rob Sanderson trimmed his earnings estimates on the company for both the February 2009 fiscal year and for FY 2010. While Sanderson keeps his Buy rating, he notes that the company appears to have reduced its build plans and reduced component orders in the past few weeks.

Sanderson cut his FY 09 EPS estimate to $3.43 from $3.54; for FY 2010 he goes to $3.75, from $4.25. His sales estimates fall to $11 billion from $11.2 billion for 09, and to $14.7 billion from $15.4 billion for 2010.

"Component orders have come down over the past several weeks," he writes in a research note. "RIMM was building for a best case scenario which has been removed. We have spoken with most of RIMM’s key suppliers and have a difficult time estimating the current build plan. Changes in the manufacturing chain and related component inventories add further confusion to the outlook." He adds that "there is a more cautious tone across many of our contacts in the RIMM ecosystem."