NEW YORK (AP) — Shares of BlackBerry maker Research In Motion have dived to a nine-year low Monday after Morgan Stanley downgraded the stock, saying RIM's challenges are piling up.
Research In Motion Ltd.'s shares are down 75 cents, or 7.7 percent, to $9.10 just before the close of trading. The low for the day is $9.01, the lowest level since 2003. RIM shares have lost 94 percent of their value since their 2008 peak.
Morgan Stanley's Ehud Gelblum set a price target of $7 on the shares, below most Wall Street analysts.
Gelblum says the Canadian company is facing a "triple whammy" in the current quarter. Its phones are aging, global smartphone growth is slowing, and shipments are likely to decline ahead of the launch of phones with new BlackBerry 10 software.