TORONTO – Stock in Research in Motion (TSX:RIM) is up 12 per cent after a National Bank Financial analyst said he was increasing his price target for the BlackBerry maker.
Analyst Kris Thompson is boosting his target to $15 per share, saying there is money to be made ahead of the early 2013 launch of the BlackBerry 10 operating system.
Thompson says RIM’s new management team is maintaining the BlackBerry subscriber base, managing costs and cash, and seemingly readying a February 2013 BB10 global launch.
Thompson says most analysts are expecting a March launch and if the new operating system comes out a month earlier it would mean extra product availability plus a little more of the positive sentiment that seems to be building around RIM.
RIM’s new BlackBerry 10 operating system is widely considered a make or break product launch for the Waterloo, Ont., tech company.
On the Toronto Stock Exchange, shares in RIM (TSX:RIM) jumped about $1.23 to $11.46, their highest level since early May, in morning trading.