RIM shares surge again ahead of BlackBerry 10 unveiling
A RIM employee holds a BlackBerry device in Berlin. RIM is looking to revitalize the BlackBerry brand with the BB10. (dapd / Berthold Stadler)
The Canadian Press
Published Monday, January 21, 2013 10:18AM EST
WATERLOO, Ont. -- Shares in BlackBerry-maker Research In Motion are continuing their upward march.
RIM stock is trading up almost seven per cent, or $1.06 to $16.77 in the early going on the Toronto Stock Exchange.
The stock (TSX:RIM) has gained some 14 per cent since the close last Monday, and more than 170 per cent since hitting a 52-week low of $6.10 last September.
The recent surge comes as RIM prepares to unveil its new BlackBerry 10 operating system and line of smartphones on Jan. 30.
On Monday, president and CEO Thorsten Heins was quoted in a German newspaper as saying the Waterloo, Ont.-based company is still open to licensing its new OS, but not before the launch.
The paper also quotes Heins as saying the sale of RIM's hardware production arm is also a possibility.
On Friday, Jeffries & Co. analyst Peter Misek raised his target estimate for RIM to US$19.50 per share, from $13.
In a note to investors, Misek said he expects RIM to open its corporate BlackBerry email services to iPhone and Android devices, which would be a new revenue stream for the company.
BlackBerry 10 is widely considered a make-or-break product for the once dominant smartphone maker, which has seen its market share eroded by Apple and Android devices.