RIM shares hit three year high ahead of BlackBerry 10 release date
With the release of BlackBerry 10 just around the corner, shares in RIM are on the up — is BlackBerry about to make a come back?
Shares in RIM rose yet again this week ahead of the scheduled January 30 release date of the company’s make-or-break BlackBerry 10 update.
National Bank analyst Kris Thompson boasted his price target on RIM shares from $12 to $15m, citing increased confidence in the company’s upcoming platform and accompanying hardware.
Earlier in the week Peter Misek, once a staunch critic of RIM, also raised his rating on the company’s stock, following a better than expected reaction from networks towards BlackBerry 10 and the hardware that it will power.
RIM shares, which have now risen in the last seven straight trading sessions, rose to their highest level since May on the Toronto Stock Exchange on Thursday and ended the day at $12, reports Reuters.
Thompson, in a note to investors, explained that his rating is based on ‘positive sentiment building in the industry’ towards BlackBerry 10.
He added: ‘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.’
Thompson expects RIM to ship 35.5 million handsets in 2014, up from an earlier estimate of 31.6 million. RIM CEO Thorsten Heins has been extremely vocal about the new platform, claiming it will provide growth for the company over the next 10 years.
The first batch of BlackBerry 10-powered handsets will be appearing in stores around the globe in Q1 2013.
RIM will unveil BlackBerry 10 on January 30.