Technology
Research In Motion Ripens
05/09/07 - 03:23 PM EDT
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BlackBerry maker Research In MotionRIMM is again bearing fruit. A positive outlook from its analyst day Monday, the launch of a new consumer-targeted phone called the BlackBerry Curve and signs that the company has more products awaiting launch dates this year seem to have revived investor interest. There's also a realization that RIM's business could remain unaffected by the upcoming release of Apple'sAAPL iPhone, whose features are likely to appeal to a different audience from RIM's, say analysts. Less than a month after the company's shares dropped nearly 8% on news of its fourth-quarter results, RIM is back. The company stock broached its 52-week high Wednesday, up roughly 5%, to trade at $154.28, past its previous high of $148.95 in April. "I think the reaction in the market is an understanding that the growth is stronger, competitive barriers are higher and valuation relative to earnings is lower than expected," says Mike Abramsky, an analyst with RBC Capital Markets, which does not own shares or have an investment banking relationship with RIM. Even at the new high, RIM is lower than the median price target of $170 a share, according to Thomson Financial. In the last few days, RIM has launched a new phone, a sign that the company isn't letting up on innovation.
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