The stock market party at Research In Motion ( RIMM) may be winding down, but it is not over yet. News of Apple's ( AAPL) iPhone dealt the handheld-device maker's shares a blow that it may find difficult to recover from, say some fund managers. But the impending release of two new models, code-named Indigo and Crimson, could boost the stock, at least in the short term. Since Apple announced the iPhone on Jan. 9, RIM stock has been down nearly 11% since coming off a 52-week high of $142.16. The release of Indigo and Crimson, upcoming versions of the BlackBerry 8800 expected to launch in February and May, respectively, could create a buzz around RIM and re-engage investors. That, at best, could spark a short rally, says Robert Lawton, portfolio manager for the Catoosa fund, which is short on RIM. "The Pearl was thought to be more of a game-changer than Indigo will be," he says. RIM closed down 3.92%, or $5.21, to $127.71 Tuesday. The stock is far off the 12-month target of $175 set by American Technology Research or $185 set by Goldman Sachs. The key question now is: Can RIM recover to scale new heights, or has the stock had its run? News of the iPhone has clearly jolted many investors, and RIM clearly has lost some of its luster. Investors are now likely to flock to Apple instead of RIM, say fund managers.