Globe says Research in Motion boosted by Griffiths
Research In Motion Ltd RIM
Shares issued 62,165,317 Dec 21 close $68.25
Wed 22 Dec 99 In the News
The Globe and Mail reports in its Wednesday edition that Research In Motion
shares rose $3.50 to $68.25 on the Toronto Stock Exchange on Tuesday. In
its Market Movers column, the newspaper says that Griffiths McBurney &
Partners analyst Howard Lis of Toronto has reiterated his "focus buy"
investment rating on Research In Motion, which is based in Waterloo in
Ontario. Mr. Lis also increased his 12-month stock price target to $100.
Research In Motion, which makes the Blackberry, a two-way pager that lets
people send and receive E-mail while on the go, has been a stock market
darling in recent months. Looming competition from Microsoft and L.M.
Ericsson Telephone, however, could change the picture, according to
observers. RIM's third-quarter results were released after the close of
markets on Tuesday. Revenue for the quarter ended Nov. 30 was $23.7-million
(U.S.), up 35 per cent from a year earlier. The company's profit was
$3.2-million (U.S.), or five U.S. cents a share, compared with $2.8-million
(U.S.), or five U.S. cents. The results met analysts' expectations.
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