UPDATE: Jefferies & Company Upgrades Research In Motion Limited to Buy, Raises PT

In a report published Friday, Jefferies & Company upgraded its rating on Research In Motion Limited

to Buy, and raised its price target from $13.00 to $19.50. Jefferies noted, “1) RIM will enable corporate email on iPhones and Android devices. This change we believe is unknown or not well understood but is important. 2) We see May and Aug Q results well above St due to $600 BB10 ASP and guaranteed volumes from carriers. 3) Our estimates only include 4M/Q of BB10 vs. RIM's 20-30M developed mkt installed base. 4) Subscriber base likely to be more preserved than feared.” Research In Motion Limited closed on Thursday at $14.91.