RIM With a View

During the fourth quarter, RIM shipped about 2 million handsets, compared with Harris' forecast of 2.1 million. Sell-through in the quarter was 1.75 million, meaning that channel inventories rose by about 250,000 units, he estimates.

With earnings behind it, there's little that could boost support for the stock, says Kelmon.

"One of the reasons for the decline is, between now and next quarter there are few catalysts for the stock," he says. And there's the Apple(AAPL) iPhone scheduled to debut in June that has cast a halo over the smartphone segment.

RIM has scheduled an analyst meeting in the second week of May, and details about the company's plans or new phone models in the pipeline, such as the launch of the 8300 phone through AT&T's (T) Cingular service by the end of May, could help lift the stock, expects Harris.

Until then, RIM could dip as low as $120 a share and then come back up to $125 a share if the market stays strong, believes Kelmon. "That's the place I would buy again," he says

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