Remember the Blackberry? I’ve used it for years. Goldman Sachs just upgraded RIM (Research In Motion) sending stocks to soar. Of course, everything hinges on the on the new Blackberry 10 smartphone. Goldman changed RIM’s outlook from Nuetral to Buy, while changing next year’s target price from $9 to $16. Here are some highlights from Yahoo’s article.
Research In Motion rose Thursday after Goldman Sachs upgraded the phone maker’s shares, saying there’s a “30 percent chance” RIM’s much-delayed BlackBerry 10 smartphones will be a success.
Goldman Sachs analyst Simona Jankowski lifted RIM to “Buy” from “Neutral,” the latest analyst to voice a slightly more optimistic view for the troubled company. Goldman lifted its 12-monthprice target to $16 from $9.
RIM was once Canada’s most valuable company, with a market value of more than $80 billion in 2008, but shares have sunk due to ground lost to Apple Inc.’s iPhone and phones running Google Inc.’s Android system.
Shares of Research In Motion added 67 cents, or 6.4 percent, to $11.77 in midday trading on the Nasdaq. The stock is up 78 percent since late September — but it’s down 23 percent this year through Wednesday’s close, and has lost more than 90 percent from its 2008 high.