Research In Motion has received another vote of confidence from the investment community, this time from CIBC.

The bank's capital markets arm has raised its price target for the Canadian smartphone maker's stock to $17  — up from CIBC's previous estimate of $8 per share.

The CIBC analysis notes RIM has about 80 million smartphone subscribers and some of them will decide to upgrade when the BlackBerry 10 technology becomes available.

"With a January 30 BB10 launch date locked in, along with carrier and developer feedback now more clear, an upgrade of the existing subscriber base will be the most likely outcome," analyst Todd Coupland said in a research note. "Our rating change is based on RIM's existing subscribers wanting to upgrade to BB10."

CIBC also put a "sector outperform" rating on RIM shares from "sector underperform," which was based on skepticism about its new generation of products.

CIBC has also RIM stock a "sector outperform" rating — an improvement from the "sector underperform" rating it has had due to skepticism about RIM's ability to come out with a new generation of products that will beat back the competition.

Research In Motion shares closed Monday at $11.98 in Toronto and at the same price on the Nasdaq market.

A morning note from CIBC World Market analyst Todd Coupland says he thinks RIM's stock is "materially undervalued." He points to the base of existing subscribers to BlackBerry smartphones as a source of strength for the company.

There have been several similar upgrades ahead of RIM's launch of the BlackBerry 10 operating system that's scheduled to be launched Jan. 30.

CIBC's revised price target is $2 above an estimate last week from National Bank Financial.

The BB10 devices are seen as a make-or-break development for the Waterloo, Ont.-based company as it competes against Apple's iPhones, devices using Google's Android operating system and a refreshed Microsoft smartphone system..