Research In Motion upgraded to “buy”

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Analysts at Canaccord Capital upgrade Research In Motion Ltd from “hold” to “buy.” The 12-month target price is set to $90.

In a research note published this morning, the analysts mention that the upgrade in rating is partly based on valuation. Microsoft’s recent launch of Magneto is unlikely to adversely impact Research In Motion’s hold in the enterprise market, the analysts say. Research In Motion’s position in the market is well protected on account of the company’s established carrier relationships and Magneto’s low push capability, Canaccord Capital elaborates. The analysts expect the company’s subscriber growth to be robust in the near term.