RIM Hits $200 Mark

"We expect the absolute dollar amount spent on research and development and sales and general administrative expenses is going to grow, at a slower rate than revenue," he said.

Operating expenses as a proportion of sales fell to 25% in the last quarter, from 29% in the same quarter a year earlier and 28% in the prior quarter.

Mike Abramsky, an analyst with RBC Capital Markets, said this operating leverage is not yet priced into the stock. Given RIM's prospects for expanding business outside of North America, he raised his target price to $250 from $180.

RBC Capital makes a market in RIM shares and provides nonsecurities services to RIM. It is a unit of RBC Asset Management, which holds almost 3 million RIM shares.