UPDATE: Morgan Stanley Reiterates Underweight Rating, Raises PT on Research In Motion Limited

In a report published Friday, Morgan Stanley reiterated its Underweight rating on Research In Motion Limited

, and raised its price target from $7.00 to $10.00. Morgan Stanley noted, “RIM once again reported less bad results as ASP and GM beat our ests while service rev was in-line. However, the future of RIM's $1B/qtr Services biz now appears even more tenuous under the new plan to ‘evolve' it to a user-pay model, which we believe does poorly and we therefore remain UW.” Research In Motion Limited closed on Thursday at $14.12.