Shares of RIM rose after a Goldman Sachs analyst said she would buy the stock in advance of its fiscal fourth-quarter report, which is scheduled for April 2. Shares rose $1.89, or 4.6 percent, to $44.87 in afternoon trading.
In a note to clients, Goldman analyst Simona Jankowski kept her “Buy” rating and $57 price target for the stock, predicting RIM will meet fourth-quarter and first-quarter guidance – something she thinks will help its shares.
Although RIM has said that its fourth-quarter earnings will likely come in at the low end of its forecast range, which had called for 83 cents to 91 cents per share, the news will surely help shares regardless.
RIM is also predicting that revenue will be at or near the midpoint of its earlier projection, which was for $3.3 billion to $3.5 billion.
Goldman Sachs aren’t the only people backing RIM either. Analysts polled by Thomson Reuters are expecting a profit of 85 cents per share on $3.42 billion in revenue.