Monday, December 13, 2010

Research in Motion (NASDAQ:RIMM) Gets Bullish Outlook from Credit Suisse (NYSE:CS)

Even with strong competition, especially from Apple's (NASDAQ:AAPL) iPhone, Credit Suisse (NYSE:CS) remains bullish on Research in Motion (NASDAQ:RIMM), and recommends that investors continue to buy the stock.

Particularly noted by Credit Suisse analyst Kulbinder Garcha, was the strong sales of BlackBerry Torch, along with their growing global business. Combined they should help the company continue to grow.

RIM units sold in the quarter are estimated to come in at about 13.8 million, with an average price tag of $312, said Garcha.

Revenue for the third quarter should reach $5.3 billion and earnings per share $1.65, added the analyst.

Based on the introduction of Apple's iPhone to Verizon, Garcha sees RIM unit sales dropping to about 12.9 million, putting some pressure on the company in the fourth quarter.

Credit Suisse reiterated an "Outperform" rating on Research in Motion, which closed Friday at $62.15, up $0.86, or 1.40 percent. They have a price target of $75 on the company.

No comments: