Research In Motion (RIM) stock has gone up a couple times recently following a somewhat positive analyst recommendation and Goldman Sachs upgrade, and (perhaps coincidentally) coinciding with the upcoming BlackBerry 10 release.
According to the Toronto Sun, RIM values on the Toronto Stock Exchange jumped more than 10% this morning—up from $11 to $12. The rise came after Goldman Sachs upgraded RIM’s stock from a “neutral” rating to a “buy” rating, reported the Sun.
But RIM’s stock was already on the move. A week and a half ago, Jeffries analyst Peter Misek gave RIM’s new BlackBerry 10 line of phones an endorsement (of sorts) that sent stocks up, according to the New York Times.
Misek’s endorsement wasn’t much of an endorsement—he gave the 10 line a 20% to 30% chance of success—but it was enough to boost investors’ confidence and bring RIM up a couple of points on Nasdaq.
The Times also reported that Misek’s assessment came from the “strongly positive initial feedback” he received from wireless carriers about BlackBerry 10, RIM’s new operating system. Of course, while the carriers may like it so far, it doesn’t mean consumers will.
“Despite better prospects, we still see only a 20% to 30% [chance] of B.B. 10 success, as consumer demand will be the ultimate determinant,” wrote Misek in a note to investors, republished in the Times.