RIM Gains as National Bank Sees Better Outlook |
| Bloomberg - Nov 22, 2012 |
Research In Motion (RIMM) Ltd. surged as much as 17 percent, the most in more than three years, after National Bank Financial said new BlackBerry 10 phone sales should be better than expected.
RIM rose to C$11.93 at 1:31 p.m. in Toronto after earlier touching C$11.99, the biggest intraday gain since April 2009. Through yesterday, the stock had dropped 31 percent this year. Trading of RIM shares in New York was closed for Thanksgiving today after the stock gained 5.7 percent to $10.26 yesterday.
RIM’s new BlackBerry 10 phones, scheduled to go on sale in February, should reach about 35.5 million in shipments next fiscal year, said Kris Thompson, a National Bank analyst in Toronto, up from a previous estimate of 31.6 million. Most analysts had expected sales to start in March, he said. He lifted his price target for the U.S. shares to $15 from $12 and kept his rating at the equivalent of a buy.
Read Full Article from Bloomberg
- Posted: 2012-11-22 14:47:27
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