A Dell Assault on BlackBerry?

Barron's, ever the publication to take shots at high-flying stocks, this past weekend passed judgment on Research In Motion (Nasdaq: RIMM  ) , saying its stock price has reached "dangerous heights." Chances are, they're right.

In case you haven't heard, Research In Motion (RIM) is the company behind the popular BlackBerry handheld wireless email device. At last count, the company had 615,000 addicted users tapping away with their thumbs, making a mockery of those who use their downtime for mere daydreaming. BlackBerry users are the very picture of chic productivity.

RIM's stock price has taken a near-5% hit on the downbeat Barron's story. Even so, the stock is still up nearly 169% in the past year. At a share price of around $27, RIM carries a market cap of about $2.1 billion. This for a company with $340 million in trailing annual sales, a growth rate of only 19% in the latest quarter, and still burning cash.

Yes, RIM is expected to turn profitable over the next two quarters. But no sooner will it achieve this feat than will arrive competition from the likes of Dell (Nasdaq: DELL  ) . Currently, RIM's devices sell upwards of $400. By early next year, however, Dell -- rapidly becoming the Wal-Mart (NYSE: WMT  ) of the technology world -- is expected to unveil its own handheld wireless email devices closer to the $200 price point, according to Barron's sources.

Last we checked, email is email -- and there's nothing different, special, or better that RIM stands to offer that Dell can't match. Research In Motion investors, consider yourselves forewarned.

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