Raymond James Reiterates Outperform on Research in Motion (RIMM)

Raymond James is out with a research report this morning, where it reiterates its Outperform rating on Research in Motion RIMM; it has a $70.00 price target on the stock. The RJ analysts cited RIMM's release of its QNX-OS based Playbook tablet at the Blackberry Developer Conference along with new developer tools including the WebWorks SDK, BBM social platform and the Blackberry Advertising Services. The analysts believe that the tablet shows RIMM is starting to compete effectively with hardware specs and also added that the QNX-OS should be positively reviewed. As for valuation, the analysts remarked, “RIMM currently trades at 5.0x C2011E EBITDA and at 8.4x C2011E EPS compared to Apple at 8.9x EBITDA and 15.7x EPS and its peer group which trades at 7.1x EBITDA and 13.3x EPS.” Get free trades at tradeMONSTER!