Canaccord Reiterates Buy on Research In Motion (RIMM); $225 PT
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Canaccord Adams reiterates its Buy rating and $225 price target on Research In Motion (Nasdaq: RIMM).
The firm believes Vodafone UK's aggressive pricing of the BlackBerry Bold is bullish for Research In Motion as it will likely "promote solid uptake of the Bold by both upgrade and new customers." Canaccord notes that Vodafone announced that the Bold's prices will range from free to GBP187 with a 12-month contract.
The positive development "will add further fuel to what should be an already outstanding November quarter" amid Research In Motion's strong product launches. Canaccord believes AT&T (NYSE: T) will launch the Bold on September 15. Further, the firm expects U.S. exclusivity to expire by the end of October, meaning that T-Mobile will likely launch the Bold in November.
With shares of Research In Motion down about 13% from recent highs, Canaccord calls the price weakness a buying opportunity for investors looking to initiate a new position or add to an already existing position.
Research In Motion Limited engages in the design, manufacture, and marketing of wireless solutions for the mobile communications market worldwide.
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