Merrill Lynch Gives RIMM Target Of $85

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Investment firm Merrill Lynch resumed coverage of Research In Motion on Wednesday with a “buy” rating and an $85-US price target citing recent weakness in the stock as a buying opportunity.

“Our core investment thesis is that RIM will continue to play a major and profitable role in the fast growing market for wireless data devices and services, which is still in its early stages,” analyst Vivek Arya wrote in a note to clients.

“Unlike consensus, we do not believe its a zero-sum game. RIM and its competitors can all benefit, albeit in different market segments. The key difference is RIM’s record of execution versus only headlines and imitations thus far from competitors.”