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Goldman Sachs raised earnings estimates for Research in Motion, saying the Street consensus estimate for subscriber growth is too low. The research firm said a “bottom-up analysis,” in which it analyzed both Research in Motion’s current market and its potential market, sorted by carrier and region, revealed that non-North American carriers, particularly in Europe will drive growth. “We believe it shows current Street subscriber estimates 300,000 subs too low in fiscal 2006 and 2.6 million subs too low in fiscal 2007, suggesting positive earnings momentum ahead,” said Goldman.

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