UPDATE: Jefferies Upgrades Research in Motion to Hold on Carrier Support for Blackberry 10
Jefferies upgraded Research in Motion (NASDAQ: RIMM) from Underperform to Hold and raised its price target from $5 to $10.
Jefferies noted, "Preliminary results from our quarterly handset survey indicate developed market carriers have a much more positive view of BB10 than we expected. With greater carrier shelf space and marketing support, we now believe BB10 has a 20%-30% probability of success. While the likelihood is low and we remain well below St for the Nov Q and Feb Q, the potential reward is high. We raise our target from $5 to $10 and raise our rating to Hold."
Research in Motion closed at $9.59 on Monday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.