PlayBook Launch Looks Strong; RBC Estimates RIM (RIMM) Sold 50K Devices on Opening Day

An RBC Capital analyst believes Research In Motion (Nasdaq: RIMM) sold around 50,000 PlayBooks Tuesday, the opening day for the new tablet.

The firm's estimate is based on channel checks from 70 retail locations across the US. RBC called the launch stronger than either the Motorola (NYSE: MOT) Xoom or Samsung's Galaxy.

RBC is currently modeling for RIM to ship around 500,000 PlayBooks during the first quarter.

While the PlayBook launch seemed solid, according to RBC, the firm offers several cautious notes. RBC believes RIM needs to resolve the issue related to AT&T (NYSE: T) tethering, build momentum in apps and test the device to Enterprise customers before sales really get into gear.

RBC Capital maintains a Top Pick rating and $90 price target on shares of Research In Motion.

RIM shares are up nearly 2 percent to $54.26 Wednesday.

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