JMP Upgrades Research In Motion (RIMM) to Market Outperform; $80 PT

JMP Securities upgrades Research In Motion (Nasdaq: RIMM) from Market Perform to Market Outperform. The firm set an $80 price target.

Over the last moth, shares of Research In Motion have fallen off a cliff -- down about 45%. After the close on Thursday of last week, Research In Motion reported in-line Q2 results and issued disappointing Q3 guidance. With expectations for the BlackBerry handset maker, the stock dropped about 27% the next day.

Research In Motion stock is trading 7.6%, or about $4.70, higher today and most recently traded at $66.47. Following the Nasdaq's massive 9% drop yesterday, large-cap tech names such as Research In Motion are bouncing today. Elsewhere in the sector: Apple (Nasdaq: AAPL) up 3.6% and Google (Nasdaq: GOOG) up 7%.

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

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