Shares of Waterloo’s Research In Motion have been positively killing it this month. Today is no exception: the stock is up nearly 10% in trading.
This means that RIM shares have almost tripled since September. RIM also hit a new 52-week high today, though it may settle just below.
Why has RIM been surging so intensely? For starters, more people test out the company’s next-gen mobile platform, more people love it. Plus, analysts have been upgrading the stock’s rating, while investors have shown a renewed faith in RIM by buying at a risky time. For example, Jeffries & Co. analyst Peter Misek last week raised his target estimate for the Canadian BlackBerry maker to $19.50 per share—a dramatic jump from his previous $13. And he’s far from alone in his thinking.
And what RIM CEO Thorsten Heins said yesterday about licensing BB10 or selling its hardware division certainly didn’t hurt, either – it means investors are buying into a company with two great backup plans should RIM fail to remain self-sufficient.
RIM is slated to launch BlackBerry 10 in less than two weeks on January 30.