RBC Capital Gives Research in Motion a "Top Pick" Rating (NASDAQ:RIMM)

Research In Motion Limited (NASDAQ:RIMM) received a stellar upgrade from RBC Capital and believes the stock can climb another 70% in the next 12 months.

RBC Capital  upped their rating on the stock to Top Pick from Outperform, while maintaining their $120 price target. “With valuation at 14x, near historical lows, below peers, reflecting largely downside scenarios, and with upside catalysts pending, we see positive risk/reward and rare opportunity to enter RIMM shares,” he writes. The analyst sees three potential catalysts ahead.

One, the company is likely to report “strong quarterly financial results at healthy margins.” Two, the company is launching a new browser and improved user interface, providing new developer and application momentum.

And three, he predicts the company “regains the crown” with cool new consumer handsets, apps levering RIMM’s platform, a revised OS and a competitor shakeout. 

SOURCE: http://blogs.barrons.com/techtraderdaily/2010/02/12/rimm-rbc-ups-to-top-...