Markets & Finance

Bear Stearns Ups Research in Motion to 'Peer Perform'

Bear Stearns upgraded Research in Motion (RIMM) to peer perform, from underperform.

Analyst Andrew Neff cites stronger growth prospects on the back of momentum from new product launches, retail channel expansion, and international growth. Hes says second-quarter results are in line with the preannouncement, and upside came, as expected, from strong hardware sales owing to new product upgrades and a retail channel rollout.

Neff notes Research in Motion, which makes handheld devices like the Blackberry, substantially raised its outlook for the remainder of fiscal 2004 (Feb.) Neff raised the 8 cents third-quarter earnings per share (pro forma) estinate to 20 cents, upped the 30 cents fiscal 2004 estimate to 53 cents, and raised the 60 cents fiscal 2005 estimate to $1.10

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