RIM shares rise on Goldman upgrade
CBC News
Posted: Nov 16, 2011 12:26 PM ET
Last Updated: Nov 16, 2011 4:31 PM ET
An employee holds a Blackberry Bold Touch smart phone at the Research in Motion annual meeting in Waterloo, Ontario, in July. RIM shares are up more than five per cent in two days. (Dave Chidley/Canadian Press)
Shares of Waterloo, Ont.-based Research in Motion rose Wednesday for a second day after brokerage firm Goldman Sachs raised its rating on the shares of the BlackBerry maker to neutral from sell.
Its stock closed up 15 cents at $19.69 on the Toronto Stock Exchange a day after it gained about five per cent.
Goldman Sachs analyst Simona Jankowski said in a note to clients that she was upgrading RIM as its current valuation already fairly captures the fundamental concerns surrounding the stock.
The Goldman upgrade came a day after Northern Securities raised its rating on RIM's shares to a speculative buy from a sell.
The price of RIM's shares had dropped more than 70 per cent from $70 in February in the face of intense competition from Apple Inc.'s iPhone and iPad and devices using Google's Android software as well as a widespread service outage in October.
Also in October, RIM announced that it was delaying the launch of an upgraded operating system for its PlayBook computer tablet until February 2012, as it wasn’t up to its standards at this point.
With files from The Canadian PressShare Tools
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