RIM surges ahead of BB10 unveiling
The Canadian Press
Posted: Jan 21, 2013 10:37 AM ET
Last Updated: Jan 21, 2013 4:21 PM ET
FILE - In this Nov. 8, 2011, file photo, a Blackberry employee holds a mobile phone of Blackberry in Berlin. Research In Motion (RIM) made another step towards the release of its new BlackBerry smartphones on Monday, Nov. 12, 2012, announcing that it plans to unveil the devices and its new operating system on Jan. 30. (AP Photo/dapd, Berthold Stadler) (Berthold Stadler/dapd/Associated Press)
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Shares in BlackBerry-maker Research In Motion are continuing their upward march.
RIM stock closed up more than 10 per cent, or $1.70, at $17.41 on the Toronto Stock Exchange Monday.
The stock has gained some 14 per cent since the close last Monday, and more than 170 per cent since hitting a 52-week low of $6.10 last September.
The recent surge comes as RIM prepares to unveil its new BlackBerry 10 operating system and line of smartphones on Jan. 30.
On Monday, president and CEO Thorsten Heins was quoted in a German newspaper as saying the Waterloo, Ont.-based company is still open to licensing its new OS, but not before the launch.
The paper also quotes Heins as saying the sale of RIM's hardware production arm is also a possibility.
On Friday, Jeffries & Co. analyst Peter Misek raised his target estimate for RIM to $19.50 US per share, from $13.
In a note to investors, Misek said he expects RIM to open its corporate BlackBerry email services to iPhone and Android devices, which would be a new revenue stream for the company.
BlackBerry 10 is widely considered a make-or-break product for the once dominant smartphone maker, which has seen its market share eroded by Apple and Android devices.
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