RBC Capital Upgraded Research in Motion (RIMM) to Outperform
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Today, RBC Capital upgraded Research in Motion (NASDAQ: RIMM) from Sector Perform to Outperform from Sector and raised its price target form $45 to $75. The firm said it expects performance to exceed lowered expectations.
In its upgrade, RBC cited improving margin visibility and recovering execution. The firm also sees a multiple recovery following a 69% decline in the stock since June of 2008, which compares to a drop of 28% for peers and a 38% drop in the NASDAQ.
Shares of RIM closed at $51.11 on Friday, leaving 47% upside to the firm's new price target.
Research In Motion Limited engages in the design, manufacture, and marketing of wireless solutions for the mobile communications market worldwide.
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