Market back on BlackBerry Bandwaggon

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RIMM Stock August 18 2006

The BlackBerry love fest continues today, with RBC being the most recent to glow about RIM’s resurgent stock. RBC Capital markets analyst Mike Abramsky upgraded the stock to “Outperform” from “Sector Perform” and raised his price target to 100 USD from 73 USD yesterday.

“Recent flawed launches of ‘Blackberry Killers’ (Motorola, Palm, Nokia) in our view deflate competitive threats, and affirm RIM’s competitive barriers and consumer opportunity are stronger than expected,” he wrote in a note to investors.

RIM’s stock (NASDAQ: RIMM) rose 3.26 USD, or 4.2 percent, to 80.98 USD on the Nasdaq yesterday. The volatile stock has ranged from $51 to $90.53 in the past 52 weeks.