RIM shares rally as optimism around new devices grows
TORONTO Nov 22 (Reuters) - Shares of Research In Motion Ltd surged more than 11 percent on Thursday, after National Bank boosted its price target on the stock, citing "positive sentiment building in the industry" ahead of the launch of BlackBerry 10.
National Bank Financial analyst Kris Thompson raised his price target on shares of the embattled BlackBerry maker to $15 from $12. Thompson argues there is more money to be made in the stock, ahead of the early 2013 launch of RIM's make-or-break new line of devices powered by its BlackBerry 10 operating system.
Shares in RIM, by far the most actively traded stock on the Toronto Stock Exchange on Thursday, jumped C$1.19 to C$11.42 in early trading.
"The new management team is executing by maintaining the BlackBerry subscriber base, managing costs and cash, and seemingly readying a February 2013 BB10 global platform launch," said Thompson in a note to clients.
The latest vote of confidence comes just a few days after one of RIM's most influential critics raised his rating on the stock.
RIM hopes BB10 smartphones will help claw back market share it has lost in recent years to Apple Inc's iPhone and devices that run on Google Inc's Android operating system. (Reporting by Euan Rocha)
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