Oct. 1 (Source: Bloomberg ) -- The last time investors bet on a decline in ... Smartphone News forum
BlackBerry, at Record, May Defy Short-Sellers Again
Oct. 1 (Source: Bloomberg) -- The last time investors bet on a decline in Research In Motion Ltd., maker of the BlackBerry e- mail phone, the stock tripled in a year.
Now the shares are near a record and two-thirds of 37 analysts say it's still a mistake.
"You never short a stock that has strong fundamentals,'' said Joseph Parnes, president of Technomart Investment Advisors in Baltimore, who sold short shares of mortgage lender American Home Mortgage Investment Corp. in March, more than four months before it went bankrupt. He owns Research In Motion and says it will keep rising. "This stock has a lot to go.''
Analysts raised their price targets after sales surged 76 percent in the first quarter. Boosters include Mike Abramsky at RBC Capital Markets in Toronto, who says consumer demand for advanced phones will help Research In Motion, based in Waterloo, Ontario, more than triple its annual shipments to 22.8 million in fiscal 2009.
Research In Motion shares climbed 11 cents to $98.66 at 4 p.m. after closing at a record in five of the previous six Nasdaq Stock Market sessions. Abramsky today lifted his target price to $115 from $110, a level set last month.
The shares have soared since Research In Motion paid $612.5 million in March 2006 to resolve a patent dispute that threatened to halt BlackBerry's U.S. service. The company has since beaten subscriber-growth and revenue targets.
Re: BlackBerry, at Record, May Defy Short-Sellers Again
~via BB (wap.pinstack.com)~does this mean I should go by some stocks of "RIMM". Cuz I was thinking about it anyway, lol
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