Friday, November 23, 2012

Research In Motion Limited (NASDAQ:RIMM) soars 36% this week on strong buzz about BB10

When it comes to smartphones and tablets Apple Inc. tends to hog most of the headlines.

So it is refreshing to hear about Research In Motion Limited (USA)(NASDAQ:RIMM) creating a pleasant buzz in the market with its forthcoming new operating system Blackberry 10, on which it has pinned all its hopes.

Will RIMM continue To Move Higher? Find Out Here

Those who have tried out the new system are speaking in its favour including network carriers, from whom most of the buzz is originating.

Analysts and research firms have lost no time in upgrading their rating of the stock and raising their target price for its shares.

There's no doubt about it, that the company will have to deliver on the promise that it has generated but if the initial reports are anything to go by, it looks like the company may finally have winner on its hands - and well worth all the delay that it has seen.

Reuters reported that the shares in Canadian company rose to their highest level in six months on the Toronto Exchange on Thursday closing the day's trading at C$12, jumping more than 17 percent and registering its biggest gain in more than three years.

Kris Thompson, analyst for National Bank, which has an Outperform rating on the stock, raised his target price for the stock to $15 from $12 attributing it to the positive sentiment building up in the industry around BB10.

According to Thompson the company is expected to ship around 35.5 million units of its devices in its fiscal 2014, increasing his earlier estimate by 4 million units.

On the NASDAQ, the stock another 13% in Friday’s session and are up 36% so far this week.

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