The share price of BlackBerry manufacturer Research In Motion has climbed back into double-figures for the first time in five months, as analysts brighten their business forecasts for the Canadian firm.
The news provides a welcome boost for RIM, which has been subject to a persistent barrage of negative publicity over the last year. The company’s future has at times looked perilous due to well-documented financial struggles and BlackBerry’s continued marginalisation in the smartphone market.
The onus has therefore been placed on the forthcoming BlackBerry 10 platform to revive the firm’s fortunes, and positive reactions to the new brand from mobile carriers has encouraged Jefferies & Co analyst Peter Misek to double his price target on shares of RIM from $5 (£3.14) to $10 (£6.28), reports Reuters. Misek also raised his rating on the company’s stock to "hold" from "underperform".
"Preliminary results from our quarterly handset survey indicate developed market carriers have a much more positive view of BB10 than we expected," said Misek in a note to clients.
"With greater carrier shelf space and marketing support, we now believe BB10 has a 20 percent to 30 percent probability of success," added Misek more cautiously. The Jefferies analyst acknowledged the potential trouble that lay ahead if BlackBerry 10 was to fail, but predicted that RIM’s stock could be worth as much as $43 (£26.98) within the next year should the OS prove popular with consumers - and among other handset manufacturers who may wish to license the platform.
Earlier this month, RIM confirmed the BB10 launch event will take place on 30 January, when a range of new BlackBerry handsets are expected to be unveiled alongside the software.
"In building BlackBerry 10, we set out to create a truly unique mobile computing experience that constantly adapts to your needs,” said CEO Thorstein Heins (pictured above). “Our team has been working tirelessly to bring our customers innovative features combined with a best in class browser, a rich application ecosystem, and cutting-edge multimedia capabilities. All of this will be integrated into a user experience – the BlackBerry Flow – that is unlike any smartphone on the market today."