Research in Motion Ltd all but seem to have headed for destruction, but a surge in their share price of 17.3% on Thursday showed a renewed optimism for the business-class device maker.
RIM’s rally was spurred mainly by National Bank analyst Kris Thompson, who elevated his price estimate from $12 to $15. Thompson is betting on RIM’s early 2013 line up of new devices to propel the company enough to ensure their survival (at least for the time being).
Thompson isn’t RIM’s only fan though, as Jefferies & Co analyst Peter Misek changed his critical stance on the Canadian phone maker, and raised both his rating and price target for the stock.
RIM shares have risen in seven trading sessions in a row, reaching their highest level since May on the Toronto Stock Exchange on Thursday, ending out the day at $12 CAD. (Canada celebrates Thanksgiving on a different date to the US, in case you were wondering why the stock market was open that day).
Share prices suggest that RIM may be back in business, and much of the new sentiment towards the company hails from the impending BB10 (BlackBerry 10) global platform launch in February 2013. Telecom carriers are welcoming the BB10 operating system and the devices that run on it with open arms, causing analysts to be more optimistic about RIM’s future.
While still not certain, RIM are reportedly “100 percent ready” for a January 30 launch of their new BlackBerry 10 devices. RIM’s COO Kristian Tear stated that the devices will be available in stores “not too long after” the tentative launch date.
Let’s wish RIM good luck, as more competition in the market is always a good thing. It keeps the likes of Apple and Samsung from getting too self-assured.