UPDATE 2-BlackBerry shares jump after Bernstein upgrades stock

Mon Feb 4, 2013 1:27pm EST
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* Bernstein says now more confident about success of BB10

* Brokerage ups rating to "outperform" from "market perform"

* Jefferies says BB10 sales in UK off to a strong start

* GMP cuts rating on BlackBerry stock to "reduce"

* BlackBerry shares rise more than 12 pct on Nasdaq and TSX (Adds comments from Jefferies; updates share price move)

By Euan Rocha

TORONTO, Feb 4 (Reuters) - Shares of BlackBerry rose more than 12 percent on Monday after Bernstein Research said it was upgrading the stock to "outperform" after last week's launch of the company's new line of BlackBerry 10 smartphones.

The brokerage firm, which has not had an "outperform" rating on the stock for more than three years, also lifted its price target to $22 from $12, saying it has grown much more confident about the success of the smartphones, powered by the new BlackBerry 10 operating system.

Shares of BlackBerry, which is in the process of changing its legal name from Research In Motion, rose 12.2 percent to $14.63 in midday Nasdaq trading. BlackBerry's Toronto-listed shares were up 12.1 percent at C$14.59 at 12:30 p.m. EST (1730 GMT).   Continued...