RIM’s Upward Momentum Continues

Shares of Research in Motion (RIMM) surged higher on Tuesday, printing the highest intraday PPS since June 21. The Blackberry maker gained more than $3.30 to $62.60 after Jefferies & Co. analyst Peter Misek this morning raised his rating on the security to “Buy” from “Hold”, with an $80 price target, which is 32% higher from his prior target of $55 p/sh.

From a technical perspective, RIMM has added more than 6% in electronic trading, with the shares returning year-to-date 1.9% as of today’s hod price of $62.60. The stock is currently above its 50-day moving average of $53.07 and above its 200-day moving average of $59.03. The security — which continues to see strong volume; more than 19.5 million shares have already traded hands compared to a daily average of around 17 million — has convincingly broken above former short-term resistance at the 56.00 level as it has bounced off support at its rising 10-day SMA located in the mid $58 area.

RIMM, whose market cap currently prints at $32.5 billion, gained $3.37, or 5.71 percent, to $62.36 at 1:13 p.m. EST in Nasdaq composite trading.

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About Ron Haruni 1067 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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