The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (

Trefis

) --

Research In Motion

's

(RIMM)

stock has jumped nearly 30% in the last few weeks despite the flurry of naysayers calling for its demise. Sterne Agee recently upgraded RIM's shares to buy from neutral based on "near term product catalysts" and mentions that "mixed to positive" reviews of devices based on the latest BlackBerry 7 operating system is an improvement. Macquarie Securities also had an out of consensus buy recommendation and target price of $29.

We believe the likelihood of

Nokia

(NOK) - Get Report

introducing its first device with

Microsoft

(MSFT) - Get Report

overseas will give RIM time to reposition itself in North America. If Nokia decides to launch its devices internationally first where it is stronger, RIM could have more time take share in the U.S. market as the No. 3 alternative to

Google

(GOOG) - Get Report

and

Apple

(AAPL) - Get Report

in the smartphone OS segment.

While we agree with Sterne Agee from a short-term point of view, we support a

$43 price estimate for RIM stock based on our sanguine view that migration to QNX in 2012 and solid management of its product portfolio could be triggers for RIM in the medium-term.

This is something we

discussed in our earlier note. Our price estimate for RIM stock is about 45% above market price.

See our complete analysis for

RIM stock here.

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This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.