Research In Motion (RIMM) has taken a beating over the past year, but reports that the end is nigh could be premature. In fact, some market watchers think RIM still has some bright days ahead even before it launches its next-generation BlackBerry 10 platform. National Bank Financial analyst Kris Thompson this week recommended that clients purchase RIM shares ahead of next year’s launch. In a note to investors, Thompson increased his price target on RIM to $15 from $12 and said RIM’s darkest days may be behind it.
“We think there is more money to be made ahead of the C2013 launch of BB10,” Thompson wrote, according to Canada’s Financial Post. “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.”
The NBF analyst also believes BlackBerry 10 sales performance next year will be even more impressive than he initially thought, and he upped his fiscal 2014 shipment estimates to 35.5 million units from 31.6 million as a result.
“The shipments boost reflects about one more month of BB10 product availability plus a little extra for the positive sentiment building in the industry from our discussions,” Thompson wrote.
Shares of RIM stock closed up 5.72% on Wednesday at $10.26 on nearly twice the stock’s average volume.