UPDATE: National Bank Financial Upgrades Research In Motion to Sector Perform

National Bank Financial upgraded its rating on Research In Motion Limited

from Underperform to Sector Perform, and reiterated its $8.00 price target, related to the delay of the upcoming BB 10 smartphone. National Bank went on to say “RIMM will eliminate at least 5,000 employees (30%) by no later than February 2013. We expect the cuts to go even deeper as the company has infrastructure to support 20% global market share but will be lucky to capture 5%...The cost restructuring and working capital management should help RIMM to retain most of its cash through C2012. But seriously who knows how fast subscriber churn accelerates and frankly if BB10 will ever see the light of day.” Research In Motion Limited closed yesterday at $7.78.