UPDATE: Northern Securities Upgrades Research In Motion to Hold, Reiterates $6 PT

In a report published Friday, Northern Securities upgraded its rating on Research In Motion Ltd. RIMM from Sell to Hold, and reiterated its $6.00 price target. Northern Securities noted, “On a fundamental basis, we believe RIMM's prospects on a stand-alone basis remain dim as success is predicated on a single event: success of the BB-10 devices, which we expect to have modest traction given the significant delay and lack of an effective ecosystem. Additionally, we would not be surprised by further write-downs/cash burn given the recent launch of LTE Playbooks, which are expected to have minimal traction. This may provide an opportunity to short the stock ahead of the next earnings.” Research In Motion Ltd. closed on Thursday at $7.80.