After looking through the Research-in-Motion Ltd. (NASDAQ: RIMM) analyst upgrade from this morning, the call may offer more confusion. It was Bernstein, and the raised call was only to “Market Perform” from a dismal “Underperform” rating.
As it turns out, the call was on the value for M&A here. Shareholder activism was cited, as was the recognition by management that its prior strategy failed. The market is saying that this was good for a 7% bounce to $17.64. The 52-week range is $15.98 to $70.54.
Noting a RIM upgrade is one thing, but using the word “takeover” and throwing in Microsoft Corporation (NASDAQ: MSFT) or HTC is another thing. Takeover rumors have been there before, but RIM is still worth almost $10 billion even after losing this much value. The question you have to ask is exactly how much RIM “can” sell itself for. It has many shareholders who are “long and wrong” from far higher share prices.
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