The Motion Picture Association of America estimates some 29 million people have downloaded or watched unauthorized movies or TV shows online, mostly using technology such as BitTorrent, a popular peer-to-peer protocol.

NPR: Music, Movie Industry To Warn Copyright Infringers

Garcha also cut estimates on Research In Motion, which he keeps at a Neutral rating.

FORBES: Credit Suisse Ups AT&T, VZ Ratings, Trims Apple, RIM Ests; Carriers Get Tough On Subsidies