Canaccord Reiterates Research In Motion (RIMM) as Top Pick; $185 PT

September 10, 2008 2:36 PM EDT

Canaccord Adams reiterates its Buy/Top Pick rating on Research In Motion (Nasdaq: RIMM). The firm has a $185 price target on the stock.

The firm believes investors should react positively to the unveiling of the BlackBerry Pearl Flip today. Canaccord notes that the device will be available this fall. Canaccord sees the Research In Motion handset achieving 5 million units globally per year and expects the device to launch with Rogers and T-Mobile within the next 4-6 weeks.

Canaccord's report also mentions a leaked video of Research In Motion's new touchscreen device, the Thunder/Storm, which appeared on Boy Genius Report this morning. The firm said it disagrees with the BGR review and having examined the device earlier this week, believes that the handset's "physical and haptic feedback screen is quite novel and easy to use,
especially for typing."

The firm sees "significant upside to current Street estimates for the back half of F09."

Investors are responding positively to the Pearl Flip announcement today: the stock is currently up more than 6.5% to $105.87. With shares of Research In Motion around this level, Canaccord's price target represents a potential gain of nearly 75%.

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

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