Apple Inc (AAPL)

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08:23 RIMM Research In Motion tgt raised to $138 from $97 at BofA (133.70 ) -Update-

BofA raises their tgt on RIMM to $138 from $97 noting F3Q rev and BlackBerry net adds beat on Pearl strength, but GAAP EPS of $0.93 missed their est by two cents (& consensus by a penny) and rev/EPS guidance was in-line with their prior ests. The firm says while they were encouraged by the better net adds the lack of EPS upside is concerning at this valuation.

The firm says the Pearl is driving big net adds and mgmt says RIMM has multiple new devices that will impress within six months. They firm expects to see 3G multimedia devices, but think the lower ASP Pearl will remain the big unit driver near term.

The firm expected new and existing product traction would lead to a better EPS outlook, but RIMM's EPS upside bull story is currently on hold. They like RIMM's accelerating top-line and net adds, but believe their ests are relatively full and see shares as fairly valued.