RIM Shares Surge on Anticipation of BlackBerry 10
Investors are, quite literally, buying into the hype. RIM's share price on Turkey Day spiked more than 17 percent. It's now exchanging hands at 11.61 per share in after market trading. Kris Thompson, an analyst with National Bank who sparked the surging stock with his estimation of 35.5 million units shipped, bumped up RIM's target price from $12 to $15, Reuters reports.
RIM has a lot riding on BB10. Up to this point, the Canadian company has largely fallen from relevance and been pushed aside in favor of Android and iOS devices, both of which are selling like gangbusters. BB10 gives RIM a new beginning, and as we inch closer to its release, there's a bit of excitement in the air. The company's stock has now gone up in seven straight trading sessions.
"The new management team is executing by maintaining the BlackBerry subscriber base, managing costs and cash, and seemingly readying a February 2013 BB10 global platform launch," Thompson said.
RIM shares traded at an all-time high of $148 in 2008.