Shares of BlackBerry maker Research In Motion dove 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 closed down 75 cents, or 7.7 percent, to $9.11 on the Nasdaq. The bottom for the day was $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 predicted Monday that shares would fall further. He set a price target of $7 on the stock, below predictions of most Wall Street analysts.