RIMM Breaks Out
Rimm showed relative strength today while the rest of the market sold off. RBC upgraded RIMM to Outperform from Sector Perform and raised their target to $180 from $145 saying their prior Sector Perform rating was based on 1) catalysts priced in; 2) 'headline risk' from competitive developments; 3) business model shifts (hardware mix, margins) moderating valuation. The firm now forecast new upside, based on: 1) vigorous momentum from RIMM's product cycle; 2) lower impact of changing margin/mix to valuation; and 3) stronger momentum mitigating competitive concerns.
RIMM broke out to new highs today on the heaviest volume seen for the month. The next upside target I have for RIMM is 175 which is based on doubling the size of the 3 month trading range this stock just broke out from.
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3 comments:
hey kevin,
this is johns from thebulltrader.com
just wanted to thank you for putting up our link on your blogroll.
i like your site, and i have added you to our blogroll as well.
take care!
Thanks JWU
I bought those $135 puts on Monday just somehow hinting to the fact that the upgrade was just pure Froth as my favorite short seller at http://potrix.com/ryan, would say. Sure enough, I wasn't betting on this market callapse but those Rimm puts doubled when I sold, then went on to triple. What a ride..
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