TD Newcrest Raises Their Price Target on Research in Motion (RIMM) to $170

May 14, 2008 9:22 AM EDT

TD Newcrest raises their price target on Research in Motion (NASDAQ: RIMM) from $155 to $170 and maintains their Buy rating. TD Newcrest analysts attended RIM's Capital Markets Day and Wireless Enterprise Symposium 2008 conference. After attending, the analysts said, "What we learned at the event reinforced our positive view on RIM. We believe that the May quarter is tracking as we expected, with the company now seeing the anticipated bump in sub adds this month after a slower start to the quarter. The company unveiled its impressive new 3G device (Bold) which we believe will help results in the second half of the year. With other evolutionary device launches expected later this year, we believe RIM’s pipeline remains impressive. The company is also working hard to improve its profile in the European market."

Also, RIM should see an increase in the sales of its products in the month of May because of the launch of Curve and CDMA networks. Also, RIM is increasing its television advertisements and is working with carriers on promotions for BlackBerry products. These factors give TD's analysts confidence that RIM can meet its guidance.

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