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Kaufman Bros. Sees Strong Results For Research In Motion Limited (RIMM)


Kaufman Bros. analyst Shaw Wu maintained his Buy rating, with a price target of $93, for shares of Research In Motion Limited (Nasdaq: RIMM).

Research In Motion Limited will report its February quarter financial results on Wednesday, after the market closes.

Wu said he anticipates a strong February quarter fueled by new product momentum and that Rimm'S guidance is likely to be in line with raised consensus expectations.

Kaufman Bros. sources said that the Curve 8520 and Bold 9700 continued to show strong product momentum in both North America and international markets and that the Storm2 is holding steady.

The Kaufman Bros. analyst wrote, "as a result, we are raising our estimates. For the quarter, we are modeling $4.3 billion in revenue and $1.29 in EPS (from $4.25 billion and $1.27 in EPS) assuming 11.1 million BlackBerry units (from 10.9 million) and net subscriber additions at 4.6 million (from 4.5 million). For FY2010, we are modeling $15.2 billion and $4.39 in EPS (from $15.1 billion and $4.38) and for FY2011, $17.9 billion and $5.15 in EPS (from $17.8 billion and $5.10 in EPS). Our price target remains $93 which assumes a 17.5x multiple on our CY10 EPS plus net cash."

Posted-In: Kaufman Bros. Shaw WuAnalyst Color Analyst Ratings Tech


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