UPDATE: BGC Reiterates Research in Motion at Sell with $7 PT Following Latest Results

BGC Partners maintained its Sell rating and $7 price target on Research in Motion (NASDAQ: RIMM) following the latest share rally.

BGC commented, "It was encouraging to see the company recently highlight that the active customer base continues to grow with 80M subscribers, compared to 78M in the prior quarter, to see a sequential increase in the average selling price of the phones, and that cash balance grew modestly primarily by reducing its working capital. That said, the results are far from an indicator of a turnaround, and just herald that the shrinking of the platform may be a slower process than initially expected."

Research in Motion closed at $7.84 on Thursday.