Research In Motion Breaks Resistance (RIMM)

Shares of Research In Motion (NASDAQ: RIMM) are staging a fresh breakout this morning on the heels of a broker upgrade.

BMO Capital Markets upgraded RIMM to "Outperform" from "Market Perform" and raised its price target to $88 from $70 per share. The broker believes RIMM will easily beat expectations when it reports earnings on March 31.

Shares of RIMM are up $3.48, or 5.01%, to $72.98 in mid-morning trading. Shares are now at a 3-month high and passed major resistance at the $72 level.

Last september the stock plunged after a disappointing quarter. On September 24 the stock opened at $87.05 and closed at $83.06. The following morning the stock gapped lower and opened at $71.42. Shares have been unable to break the $72 level since then.