Analysts put stagnant outlook on major technology stocks as the overall tech sector exchange traded funds (ETFs) remain depressed.
The PowerShares QQQ Trust (NasdaqGM: QQQ) and SPDR Technology Select Sector Fund (NYSEArca: XLK) were down 1.5% today.
UBS analyst Amitabh Passi emphasized the “Neutral” rating on Research in Motion (NasdaqGS: RIMM) this morning and decreased his price target from $60 to $40, reports Tiernan Ray for Barron’s. Passi also projects a downward revised $5.4 billion in revenue for this quarter from $5.8 billion.
RIMM was down 3.59%.
Passi points to the “lack of visibility” into earnings, the “lackluster” products line and “uncertainty of timing” of future products are red signals, stating that the Enterprise is “now much more dependent on its consumer appeal where it is under attack from Android and Apple.”