Research In Motion: Breaking through seasonality and macro headwinds; think RIMM sees $165 in 2008 - AmTech (106.69 )

Friday, February 22, 2008

AmTech is updating their forecast following RIMM's pre-announcement of subscriber upside yesterday. Co expects subscriber additions in the 2.09—2.18 mln range, compared to previous guidance of 1.82 mln. Mgmt reiterated previous guidance for rev and earnings. RIMM did not see the seasonality in subscriber additions it had expected, indicating the secular trend is more powerful than anticipated at this early stage of adoption. Additionally, RIMM's carrier strategy is paying off. Firm continues to argue RIMM can grow through an economic slow-down. They are raising their ests and tgt to $165 from $160 previously.