RIM shares continue remarkable turnaround
Shares gain another 6% after analyst ups target price
Research In Motion stock continues to push towards levels it hasn't seen in more than a year, rising a further six per cent to a new recent high in pre-market open trade on New York's Nasdaq.
RIM shares rose to US$15.91 about 90 minutes before North American markets open, up $1 from the official close at the Nasdaq.
The latest move follows a revised price target from Jeffries & Co. analyst Peter Misek, who has raised his target estimate to $19.50 US per share, from $13.
The prominent RIM analyst has raised his estimates on the Canadian smartphone maker's stock several times since November, when he expressed doubts about the chances of commercial success for the new BlackBerry 10 product line.
In the wake of increasingly bullish estimates since then by Misek and several other analysts, the shares of the Waterloo, Ont.-based company had risen from a low of $6.10 in September to as high as $15.15 in Toronto on Wednesday.
That's still below a 52-week high of $17.99 on the Toronto Stock Exchange, but Misek's report suggests the shares are poised to punch through that level.