BlackBerry Limited (BB)

[Fedex11 ©]

S&P REITERATES BUY OPINION ON SHARES OF RESEARCH IN MOTION
9:05 AM ET 9/17/10 | S&P Marketscope


RIMM reports Aug-Q earnings per share of $1.46, vs. $1.03, $0.08 better than our above consensus estimate on stronger than expected unit sales. RIMM also provided a Nov-Q forecast that was above our prior estimate on strong unit sales, as new products such as the Torch are introduced to additional carries and as enterprise customers clear the new Blackberry 6 operating system. We are increasing our FY 11 earnings per share estimate by $0.83 to $6.15 and FY 12's by $0.45 to $5.46. We are reducing our 12-month target price by $4 to $76 on revised P/E analysis.