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Research In Motion Keeps Rocking

The stock hits a 52-week high.

Blackberry maker

Research in Motion


is showing no signs of slowing down.

Shares of RIM were up $2.08, or 1.5%, to $141.69, breaching the 52-week high of $139.97. The stock has zoomed 113% over the last year, and in the last three months alone, it has shot up 76%.

RIM's market cap has risen to $26.5 billion, which appears outsized for a company with annual revenue of $2.39 billion and cash flow of $190 million. RIM's recent performance

may be mostly momentum-driven, says Roger Nusbaum, aportfolio manager for financial planning firm Your Source Financial and a contributor to


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RIM is unlikely to turn down before the market, so it has at least six to eight weeks of further momentum, other portfolio managers have said. But whether there are any fundamentals behind it is arguable.

Still many analysts continue to remain bullish on the stock. RIM's Blackberry Pearl, one of the smallest and lightest phones in the segment, is being watched closely since its release in September. At least 18 wireless carriers around the world have made Pearl available to over 330 million wireless customers, estimates Chris Umiastowski, an analyst with TD Newcrest in a research note. TD Newcrest has had banking relationships with RIM and Umiastowksi holds shares of RIM.

And there's more coming from the RIM stable. "New Blackberry devices in each of the next two quarters are expected to sustain the momentum," he wrote.

RIM is expected to introduce the BlackBerry 8800 or "Indigo targeted at business users, and the BlackBerry "Crimson" targeted at retail consumers in the next six months. "We believe the introduction of these two new devices, the continued rollout of the Pearl and a trend toward lower-price data plans will contribute to higher subscriber additions, hardware shipments, revenue and earnings over our forecast horizon," wrote Umiastowski, who has a buy rating on the stock with a target price of $165.

Meanwhile, RIM rival



is trading at $16.01, well below its 52-week high of $24.91.