Research in Motion Ltd. (NASDAQ: RIMM) is soaring this morning on an analyst research note. Goldman Sachs has said that traders should buy the stock ahead of next week’s earnings announcement due on April 2. We have seen most of the note and it looks like the channel checks indicate that sell-thrus came in good enough considering the current valuation of the stock. There is even a note that gross margin could be up while others are seeing a drop in margin. This note does fly a bit in the face of a more macro news bite yesterday showing that analysts have been cooling to the name in the current climate.
R-I-M shares are up over 5% pre-market on active trading at $45.10. The 52-week range is $35.05 to $148.13. As a stock, R-I-M has not participated at all in the rally on a net basis over the last 5-day range of $41.50 to about $44.90. If this morning’s gap-up can hold, it could change the chart. There seems to be a virtual no-man’s land between $43 and $47…. The price target at Goldman Sachs is $57.00.
Jon C. Ogg
March 26, 2009
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