RIM Shares Rally on Upgrade, BlackBerry 10 Qwerty Phone
Today brought with it some good news for Research In Motion: an upgrade from Goldman Sachs. In a hesitantly positive note to clients, Goldman analyst Simona Jankowski raised her rating on the BlackBerry maker to “buy” from “neutral,” saying the company’s chances for recovery are improving.
“We expect RIM’s results will exceed Street estimates over the next four quarters,” Jankowski wrote in a note to clients. “We now assess a 30 percent chance of success for BB10 given positive early reviews, broad-based carrier support, attractive features and interest by carriers and consumers in broadening the field beyond Android/iOS.”
A “30 percent chance of success” isn’t exactly a ringing endorsement of RIM’s prospects. The company remains a long shot against formidable competition. But Jankowski’s tentative vote of confidence, along with news that RIM has released to developers a new BlackBerry 10 with Qwerty keyboard for testing, was enough to push the company’s stock into another rally. At $11.93, the RIM shares are trading up well over 7 percent as I write this.