Standard & Poor’s raise RIM’s target to $100
Standard & Poor’s Equity Research analyst Kenneth Leon raised the target price on Research in Motion shares to $100 from $86, saying that the company may stand to benefit from “pent-up demand” for the BlackBerry. The analyst said he believes the new 8700 series of the handheld device is receiving favorable reviews, and that unlike pure device suppliers, RIM stands behind its BlackBerry service seven days a week.
“With the NTP Inc. lawsuit settled, Research in Motion can focus 100% on the business of driving its BlackBerry service with wireless carriers and enterprise firms around the world,” the analyst wrote in a report Monday.
The analyst raised his fiscal 2007 earnings-per-share estimate to $3.60 from $3.50 and reiterated a “buy” recommendation on RIM shares.