RIM Puts iPhone Hype on Mute

RIM could add 1.14 million subscribers in the quarter, bracketing its guidance of 1.12 million to 1.15 million subscribers, estimates Maynard Um, an analyst with UBS Securities, which makes a market in RIM shares and has had an investment banking relationship with the company.

However, its guidance for the upcoming quarter is likely to be moderate, given management's "typical conservatism" and "unknowable impacts from iPhone launch," Um told clients in a research note.

Eventually, though, the iPhone will give RIM a boost, says Kelmon. "This is not a zero-sum game," he says. "The iPhone will draw people in, and some of them might end up upgrading to RIM."

That could drive RIM shares closer to the $200 mark in the next six to 12 months, he says.

RIM, which has been expeditiously launching new devices, could also add new models or improved versions of its devices to drive growth.

Additionally, there is talk of the Pearl phone, targeted at consumers and launched last year, getting an upgrade; and RIM could add Wi-Fi capability to models such as the Curve to enhance its attractiveness to business users.