Expectation of new software pushes RIMM shares up- GOOG, AAPL, JEF
Northern, WI 1/20/2013 (avauncer) – After a Jefferies & Co (NYSE:JEF) analyst, Peter Misek upgraded the stock to buy, citing the potential in profit potential of the new software that facilitates corporate e-mail on rival’s devices, Research In Motion Ltd. (TSE:RIM) climbed to its highest price in almost a year.
Research In Motion Ltd. (TSE:RIM) rose to its highest level since February 9 last year, scoring a 6% jump to $16 at the close in New York. Peter also noted that the company can hold back more corporate customers by making the availability of its new BlackBerry 10 secure e-mail on other smart-phones platforms like Apple Inc. (NASDAQ:AAPL) iOS and Google Inc. (NASDAQ:GOOG)’s Android.
Eyeing sales recovery potential associated with the new BlackBerry 10 software which is all set to debut on Jan. 30, RIM’s (TSE:RIM) value has more than doubled since late September. The new software has lured investor optimism hoping profit returns. Waterloo, an Ontario-based company has confirmed that over 1600 companies in North America has confirmed to test the BlackBerry 10 which reflects the enthusiasm amid business users’ to try the new system.
Peter Misek noted that the availability of the BlackBerry 10 for other rival device that would provide secure BlackBerry e-mail service on rival devices is “unknown and not well understood.” He also increased his price target of Research In Motion Ltd. (TSE:RIM) to $19.50 from $13. He observed that investors may gain if Research In Motion Ltd (TSE:RIM) creates a fruitful business over Android and iOS.
Android and iOS are the main reason Research In Motion Ltd (TSE:RIM) lost its market share in recent years. Reports eyed Research In Motion Limited (TSE:RIM) to finish 2012 with a 5% share of the global market which is a pity thing when compared to almost 90% combined holdings of Apple Inc. (NASDAQ:AAPL) and Google Inc. (NASDAQ:GOOG).
Research In Motion Limited (TSE:RIM) is listed on the US stock exchange as Research in Motion (NASDAQ:RIMM).
Google Inc. (NASDAQ:GOOG) plunged by 1% to close with a $7 low at $705. Apple Inc. (NASDAQ:AAPL) also lost 0.53% to close at $500 with a $3 low. Research In Motion Ltd. (TSE:RIMM) gained 7% and closed at $16. Jefferies & Co. (NYSE:JEF) also gained 0.54% to close at $19, Research in Motion Limited (USA) (NASDAQ:RIMM) shares were up 6.24% to $15.84.