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| | AT&T Exclusive on the Bold (US Carriers)
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RIM hits new high with new BlackBerry unveiling: Associated Press Business News - MSN Money
NEW YORK (AP) - Shares of Research In Motion Ltd. rose to a new all-time high Monday as the smart-phone maker unveiled the Bold, which is its first major new BlackBerry model in more than a year. |
Shares of Waterloo, Ontario-based RIM rose $9.20, or 6.9 percent, to $141.97. Earlier, the shares traded as high as $143.08.
RIM said Monday that the Bold, which has twice the screen resolution of the company's current Curve device, dual-band Wi-Fi and GPS capabilities, will be available from carriers this summer.
AT&T Inc. said Monday that it will be the exclusive carrier for the Bold in the U.S.; its 3G network is the only one stateside that is compatible with the first model of the handset.
Also Monday, RIM, Royal Bank of Canada and Thomson Reuters PLC said they will invest $150 million in a venture-capital fund for investing in companies making software for BlackBerries and other mobile devices.
In a client note, Citi Investment Research analyst Jim Suva said the Bold's announcement came earlier than he expected. He predicted the device — which he thinks will appeal to business and consumer users — could raise RIM's quarterly device shipments by 200,000 to 400,000.
Suva, who rates the stock "Buy" with a $140 price target, also thinks that because the Bold works over 3G, or third-generation, cell phone networks — which are popular outside the U.S. — will benefit RIM's international growth.
Meanwhile, RBC Capital Markets analyst Mike Abramsky said the model's advantages over earlier BlackBerry models include its "faster user experience, speedy mobile browsing (pages launch in 2-3 seconds), new 3G features (video capture/playback, web video playback), surprisingly bright/crisp display, and updated user interface/desktop."
Abramsky rates the stock "Outperform."