Last week’s launch of the new Z10 smartphone and operating system from BlackBerry fizzled and the company is paying the price today. In a note to clients, Goldman Sachs Group Inc. cut its rating on the stock from Buy to Neutral and cut its price target from $19 to $17.
The firm said that checks at AT&T Inc, Best Buy Co. Inc. and RadioShack Corp stores revealed that product positioning was lousy and that advertising support was limited. The Wall Street Journal cites Goldman as saying that “sell-through at most locations was less than 10 per day … and as low as 2-3 per day.”
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