RIM stock

Some positive news for Waterloo, Ont.-based Blackberry maker Research in Motion (TSX: RIM) with word its stock has been declared “materially undervalued” by an investment bank.

Tech analyst Todd Coupland of CIBC World markets said Monday he was increasing his rating on RIM to sector outperformer, forecasting the stock to hit $17 in 12 months, declaring it a buying opportunity, according to the Financial Post:

“We believe investors should buy the shares at these levels, prior to the BB10 launch,” he said, adding the recent increase in the stock price does not “value an increase in RIM shipments or subscribers.”

Click here to read: CIBC gives RIM a big vote of confidence ahead of BB10 launch

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