UPDATE: National Bank Financial Upgrades Research in Motion to Outperform

National Bank Financial raised its rating on Research in Motion RIMM from Sector Perform to Outperform and increased the price target from $8 to $12. National Bank Financial commented, "Increasing target price to $12/sh; we think there is money to be made ahead of the C2013 launch of BB 10. The new management team is executing by maintaining the BlackBerry subscriber base, managing costs and cash and seemingly readying an early C2013 BB10 global platform launch. … Introducing F2014 estimates that assume RIM converts one-third of its sub base to BB 10 and captures <1% of new global smartphone adds. These assumptions are not aggressive but require a February BB 10 launch. We still expect RIM to see a net churn in subs in F2014." Research in Motion closed at $7.14 on Thursday.