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Analyst Previews RIM's (RIMM) Q3 Earnings; Reiterates Buy

December 17, 2008 12:53 PM EST
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Price: $14.64 +12.36%

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    Up: 13 | Down: 11 | New: 11
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Broadpoint.AmTech is out with a research note this morning previewing Research In Motion's (Nasdaq: RIMM) Q3 earnings, which are due out tomorrow, December 18, after the close. The firm reiterates its Buy rating and $65 price target on Research In Motion.

As Research In Motion recently pre-announced Q3 results on December 2, Broadpoint.AmTech believes investors will be focused on the BlackBerry maker's Q4 guidance. The firm notes that Research In Motion has disappointed the Street with its last three quarterly reports, meaning that investor sentiment is very low. AmTech said it is sensing "a feeling of apathy among the investment community" related to RIM.

On the other hand, the firm points out that Research In Motion has seen its weekly subscriber activations rebound to new highs over the last four weeks. The firm is also "unclear whether Storm pre-activations at VZ are included, which could provide an incremental boost as handset volumes pick up."

While Broadpoint.AmTech admits that it has been bitten by being optimistic on Research In Motion in recent quarters, inputs are suggesting "that business at RIMM is better than expectations and what the recent stock action would imply."

Shares of Research In Motion are trading higher today ahead of the Q3 results. The stock most recently traded at $40.57, up $0.73, or 1.85% from yesterday's closing price.

Research In Motion Limited engages in the design, manufacture, and marketing of wireless solutions for the mobile communications market worldwide.

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