Bernstein Upgrades RIM (RIMM) to Market Perform, Shares Have Fallen Too Far

Bernstein upgraded shares of Research In Motion Ltd. (NASDAQ: RIMM) from Underperform to Market Perform as the stock has fallen almost 40% since February.

Bernstein's Pierre Ferragu said he himself is very skeptical on the demand and sustainability of BlackBerry, but noted, with smartphone demand increasing daily, a collapse in BlackBerry shipments is very unlikely.

Ferragu has had an Underperform rating on shares of RIMM since at least 2009. The analyst said he would almost recommend investors buy the stock if, as he believes, management wasn't in denial of the challenges currently facing the company.

Shares of RIM are currently up 3.49% to $45.30 Wednesday, about 12 percent above the firm's price target of $40.

For more ratings news on Research In Motion Ltd. click here and for the rating history of Research In Motion Ltd. click here.

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