RIM Target Price Target Bumped Up; Analyst Thinks Shares Will Fall Less Than Predicted

Research in Motion doesn’t have many friends on Wall Street right now. So the beleaguered Canadian smartphone vendor will have to take what it can get.

Mark McKenchie upgraded RIM’s shares to $13 from $12 Tuesday — retaining his ‘hold’ rating on the shares — predicting RIM shares will fall less than he’d earlier predicted after the Waterloo, Ontario company handed out phones loaded with an early version of its new smartphone software to developers and promised to expand the capabilities of the BlackBerry Fusion software it has created for phones from other vendors.

RIM shares fell 64 cents, or 4.48%, to $13.66 in Tuesday trading.

At RIM’s annual BlackBerry World conference in Florida Tuesday, RIM Chief Executive Thorsten Heins reiterated his commitment to introduce handsets with overhauled software, dubbed BlackBerry 10, by year end. “I promise to you that the whole company is laser focused on delivering it on time, and exceeding your expectations.” Heins said.

While handsets grabbed headlines, McKenchie was more impressed with RIM’s enterprise software story, where RIM’s technology remains ahead. RIM promised to add new security features to the BlackBerry Fusion software it has created for Android and iPhone users.

“Simply put, RIMM plans to open up all the features of its BlackBerry Platform, including secure connections to e-mail and contacts, to its BlackBerry Fusion offering in the next 12 months,” McKenchie wrote. “We view this as a step in the right direction to hopefully offset continuing declines in RIMM’s US subscriber base.”

RIM Target Price Target Bumped Up; Analyst Thinks Shares Will Fall Less Than Predicted


Related Websites

    Be Sociable, Share!