Piper Jaffray Boosts Price Target on Research In Motion (RIMM) to $156 on Strong Channel Checks

Piper Jaffray raises its price target on Research In Motion (Nasdaq: RIMM) from $124 to $156 while maintaining a Neutral rating.

The firm cites June channel checks as indicating that Research In Motion's BlackBerry devices, specifically the Curve, continue to see strong sell-through trends at the four largest U.S. carriers. Piper notes that demand for the Curve was stronger than expected by Research In Motion and the carriers, as it was out of stock at many Sprint (NYSE: S), AT&T (NYSE: T), and Verizon (NYSE: VZ) stores.

Piper raised its FY09 and FY10 earnings estimates on Research In Motion: FY09 EPS go from $3.78 to $3.93, versus the consensus of $3.88 and revs move from $10.11 billion to $10.46 billion, versus $10.35 billion. For FY10, the firm raised its EPS guidance from $4.97 to $5.20, versus the Street consensus of $5.40, and sales from $13.51 billion to $14.04 billion, versus $14.17 billion.

As shares of Research In Motion closed at $144.56 on Friday, Piper's price target of $156 represents a potential gain of 7.9%.

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

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Wolverine World Wide (WWW) PT Raised to $31 at UBS on Growth, EPS Upside Potential
• Piper Sandler Reiterates Overweight Rating on Estee Lauder (EL), 'F4Q26 Preview'