Updated from 10:08 a.m. EDTResearch In Motion ( RIMM) won over many skeptics -- with at least five analysts upgrades Friday -- after delivering a strong February earnings performance and offering a cheery business outlook. Shares of the Waterloo, Ontario-based BlackBerry maker continued to surge Friday, up as much as 28% over Thursday's closing price. RIM reported earnings after the bell Thursday with a solid beat-and-raise combination, soundly beating analysts' profit estimates and raising May quarter targets above the Street's consensus. In homage to the smartphone shop, analysts from CIBC, Deutsche Bank, Credit Suisse, Cowen and BMO Captial all upped their ratings on the stock. Cowen, Credit Suisse and Deutsche Bank, three firms that had a sell rating on RIM, each upgraded the stock to neutral. One of the few holdouts was JPMorgan, which stuck with a sell rating on long-range concerns about RIM's rising costs and falling phone prices. RIM executives told analysts on a conference call Thursday evening that they expect May quarter earnings to be about 88 cents or 89 cents a share. And while that is down about a penny from the 90 cents in the prior quarter, which included the holiday buying season, it was well above the 83 cent profit analysts were looking for. The company said sales for the May quarter will be flat sequentially, with the February quarter at about $3.4 billion. Yet that estimate is higher than the $3.35 billion analysts had expected. RIM also said it expected to add about 3.8 million new subscribers in the current quarter ending in May. And gross margins are likely to widen to somewhere between 43% to 44% in the May quarter.