RIM heats up as BlackBerry 10 launch nears

Zach Epstein
BGR News

RIM Stock BlackBerry 10 Launch
RIM Stock BlackBerry 10 Launch

Research In Motion (RIMM) shares are soaring ahead of the imminent launch of the firm’s next-generation BlackBerry 10 platform. The stock’s recent run could come screeching to a halt at any moment as short interest grows, but Jefferies & Company analyst Peter Misek thinks there’s plenty more good news ahead for RIM. In a note to investors on Friday morning, Misek told clients to buy RIM stock and set a new 12-month price target of $19.50, up from his previous $13 target with a Hold rating.

[More from BGR: Samsung’s latest monster smartphone will reportedly have a 5.8-inch screen]

“Our checks indicate that the carriers have agreed to volume commitments for the first two quarters post-launch,” Misek wrote. He also notes that “BB10 builds have been raised from 500K/month in early Dec to 1M-2M/month,” and “Developers are supporting BB10 more than we expected. RIM is targeting 70K BB10 apps available at launch.”

[More from BGR: Cable companies called ‘monopolies that stifle competition and innovation’]

Misek says that RIM’s next-generation platform will enable secure corporate email services on iOS and Android devices and the market has overlooked this major change so far. The analyst believes RIM’s March- and August-quarter results will beat Wall Street’s current consensus now that RIM’s huge installed base will finally have a “legitimate upgrade opportunity.”

This article was originally published on BGR.com