Research in Motion (NASDAQ:RIMM) was upgraded by Oppenheimer equities research analysts. A rating of Market Perform was tagged onto the stock as shares were seen rising after successive news of the Nortel outbid over Google was placed this morning.
This comes as the Wall Street Journal reports on the hype surrounding the debut tablet from RIM, the BlackBerry PlayBook. the WSJ reports on it’s Market Beat blog that Baron’s has stood up for the tablet maker stating, “The BlackBerry maker gets some love from Barron’s over the weekend.” Read the article and see for yourself.
In summary, Baron’s Jay Palmer states that the “BlackBerry Strikes Back” and seems to give reason as to why the stock will continue to counter-act ratings and outperform analysts expectations – “Research in Motion may soon prove its many doubters wrong. The company has the smarts and the products to battle Apple for years to come. Could the stock double?” He maintains his doubts about the PlayBook but offers an explanation why citing facts about RIM’s core clientele and how most lie within Enterprise or IT Development.
In addition to this news, RIM’s rating was reiterated by Wells Fargo analyst Jennifer Fritszche. The state of business in the United Arab Emirates was some what of a shift from last week. We have seen the up’s and down’s here and can say RIM has received a lot of criticism for their work in the UAE. Today, RIM has confirmed that it will be working with officials within the UAE to rectify distribution of their services to smaller clients and companies “with fewer than 20 subscribers.” This move is an attempt to limit protest and was brought out by internet and cellular communications providers. Read More