Barclays Capital analyst Jeff Kvaal on Tuesday cut his share price target for RIM by almost half from $40 to $23 after casting doubt on promises that its first phone based on BBX would ship around early 2012. He believed that the hardware had been quietly delayed based on the typical carrier certification process. As it usually takes half a year to get a phone fully approved, any phone would ship in late winter at best and more likely sometime in mid-year, Kvaal said.
