Bear Stearns Ups Research in Motion to 'Peer Perform'
Bear Stearns upgraded Research in Motion (RIMM ) to peer perform, from underperform.
Analyst Andrew Neff cites stronger growth prospects on the back of momentum from new product launches, retail channel expansion, and international growth. Hes says second-quarter results are in line with the preannouncement, and upside came, as expected, from strong hardware sales owing to new product upgrades and a retail channel rollout.
Neff notes Research in Motion, which makes handheld devices like the Blackberry, substantially raised its outlook for the remainder of fiscal 2004 (Feb.) Neff raised the 8 cents third-quarter earnings per share (pro forma) estinate to 20 cents, upped the 30 cents fiscal 2004 estimate to 53 cents, and raised the 60 cents fiscal 2005 estimate to $1.10