RBC Upgrades Research In Motion

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MARCH 16, 2005

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RBC Upgrades Research In Motion
Analyst Mike Abramsky says the BlackBerry maker's settlement with NTP resolves all current litigation

RBC upgrades Research In Motion (RIMM ) to outperform from sector perform.

Analyst Mike Abramsky says the lump sum payment to NTP Inc. equates to $2.40 per share, or 26% of RIMM's $1.65 billion cash position.

He views this as strongly positive, as the binding deal resolves all current litigation and grants RIMM an "unfettered right to continue its BlackBerry-related wireless business without further interference from NTP or its patents".

Abramsky notes there will be no royalty RIMM will have to pay, and no earnings per share or guidance impact. He believes this will trigger some upward fiscal 2006 (ending February) and fiscal 2007 earnings per share estimate revisions. He has a $90 target.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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