Research In Motion Limited’s (RIMM) Coverage Initiated With Buy Rating And $96 Price Target
By Benzinga Staff
March 19, 2010 7:47 AM
March 19, 2010 7:47 AM
Symbols: RIMM
Analyst Matthew S. Robison at Wunderlich Securities has initiated coverage for Research In Motion Limited (NASDAQ: RIMM) with Buy rating. The price target for Research In Motion Limited stock has been set at $96.
Wunderlich expects an improving industry recognition and demand for the company’s product and services, with earnings driven by expansion into underserved regions outside North America. Smartphones are still only a small percentage of overall mobile device volume and Wunderlich believes that this offers significant opportunity to smartphone makers such as Research In Motion to expand their market.
The company’s shares are currently trading in-line with the S&P 500 earnings multiple.
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