Back Up The Truck On Research In Motion (RIMM) - Canaccord Adams

July 9, 2008 11:30 AM EDT

Canaccord Adams comments on Research In Motion (Nasdaq: RIMM), saying this is the most compelling buying opportunity in the stock for the last 12 months. The recommend clients "back up the truck" ahead of new product launches.

Canaccord notes that the stock is down nearly 15% since reporting results on June 25th.

Canaccord analyst Peter Misek said, "Our channel checks indicate that new product launches are on track for stellar shipment volumes at both AT&T and Verizon. At AT&T, growth will be fuelled by the launch of the Bold in August and the Javelin in October. At Verizon, the Thunder is scheduled for a late August release and is expected to be heavily marketed against AT&T's iPhone. Current leaks suggest that the Thunder’s touchscreen keyboard utilizes a tactile screen combined with Haptic technology that will provide RIM with an edge when competing with the iPhone. Moreover, we are hearing that T-Mobile is expected to receive the Kickstart in the August timeframe. In Europe, we expect the Bold to be shipped to both T-Mobile and Vodafone in late July."

Canaccord is reiterating their Buy rating and $225 price target on RIM, which represents 86% upside from the current market price.

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