Research in Motion upgraded to Buy from Hold by Jefferies – what utter numpties!

The headline today that Peter Misek – the so called “respected” tech analyst at Jefferies, has raised RIMM from a Hold to a Buy (incidentally after recommending that the stock be sold around $7) once more re-iterates the total useleness of these people in the role they are paid for. However, intelligent, experienced individuals who can read a balance sheet and are prepared to take a risk in going aganist the lemmings can take advantage of these situations – precisely as we did, doubling down on the stock a little over $7 last September.

What is the point in coming out with a Buy recommendation when the stock has almost tripled in price?Why not admit you are a numpty, got it wrong and withdraw coverage?!

Here’s a chart on RIMM with SBM’s calls V Jefferies – draw your own conclusions.