JPMorgan Chase Downgraded RIM

JPMorgan Chase analyst Ehnud Gelblum downgraded the BlackBerry maker to "underweight" and gave a cautious earnings estimate for the next year and a half.

Ehnud Gelblum wrote in a note that RIM will likely experience slower growth over next 18 months as the company launches fewer new smart phone models.

The report helped send the RIM's stock down $2.96 a share to $51.93 on the Toronto Stock Exchange, and down $2.24 (U.S.) to $41.99 on the Nasdaq stock market, where most of the shares are trade, in late trading.

Mr. Gelblum wrote that RIM will be forced to rely mainly on consumers to purchase new smart phones because corporate clients are tightening their spending habits.