RIM shares rally as optimism mounts over new devices
November 23 , 2012
Shares of Research In Motion (RIM) skyrocketed more than 11 percent in Toronto on Thursday.
The rise comes just days after an analyst increased his price target on the stock, citing "positive sentiment building in the industry" ahead of the launch of BlackBerry 10.
Earlier this week, National Bank Financial analyst Kris Thompson raised his price target on shares of the troubled BlackBerry maker to $15 from $12. According to Thompson, there is more money to be made in the stock ahead of next year’s launch of RIM's new line of devices powered by its BlackBerry 10 operating system.
Shares in RIM jumped $1.19 to $11.42 in early trading.
RIM hopes the BB10 smartphones will help it win back market share lost to rivals such as Apple and Samsung.