Research in Motion Ltd (TSE:RIM) with thanks to the BlackBerry Storm that launched in the US on November 21 had the steepest gain on all Canadian stocks, leading the increase of Canadian stocks for the first time in three days.
With the BlackBerry Storm, BlackBerry Bold and BlackBerry Curve all releasing within the last month, this has really helped RIM with its steepest gain in nearly two months with stocks soaring 12 percent to C$58.
Lately RIM had taken a hammering along with other phone stocks with the fear of recession and competition from the Apple iPhone, the stock may have reached its bottom with RIM trading almost two-thirds below its peak on June 19.
With the Storm already improving the stock’s value the largest risk hanging over the stock will be removed, and with it outperforming its sector rating and share target off C$160.
Source: Bloomberg
