RBC Gets Ultra-Aggressive on R-I-M, Apple, Palm (RIMM, PALM, AAPL)

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By Douglas A. McIntyre Updated Published
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Research-in-Motion Ltd. (NASDAQ: RIMM) was running this morning in our top day trader alerts, but it turns out that there was much more to the call than meets they eye.  RBC Capital Markets has lifted its price targets for the smartphone makers this morning and now appears to have the highest price targets on Wall Street. Palm Inc. (NASDAQ: PALM) and Apple Inc. (NASDAQ: AAPL) are also in this call.

Research-in-Motion Ltd. (NASDAQ: RIMM) was reiterated as “Outperform” but the old $100 price target was lifted all the way up to $150.  With shares up over 2.4% at $72.40, that still implies more than a double from today’s prices.  We had $115 as the highest price target, so this looks to be the highest analyst price target outstanding on R-I-M.

Palm Inc. (NASDAQ: PALM) was also given a positive report as it was reiterated as “Outperform” on added hopes for stronger Palm Pre sales.  The price target was raised from $18 to $25.  The highest price target we have seen was $23.00, so this looks to be the new high price target on the stock.

Apple Inc. (NASDAQ: AAPL) was reiterated as “Outperform” on iPhone dominance and on the hope for new products coming soon.  But its price target was lifted from $190 to an aggressive $250.  This is above the other highest target of $225 that we had seen.

Obviously a market a bounce is helping these calls, but all of the stocks are higher.  R-I-M is up 2.4%, while Palm is up over 4% at $13.78 and Apple is up 1.7% at $162.30.

JON C. OGG
AUGUST 18, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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