RIM rises 17 percent following positive recommendation

RIM rises 17 percent following positive recommendationThe shares of Research In Motion (RIM), which is the maker of the popular BlackBerry family of smartphones, increased about 17 per cent on Toronto Stock Exchange on Thursday after an analyst increased target price for its shares.

National Bank analyst Kris Thompson increased the target price for company's shares to $15 from $12. He said that there is an opportunity to generate money from the shares ahead of the launch of the company's new line of smartphones in 2013.

Many believe that the next series will essentially determine the future of the company and if it will be able to continue to survive in the competitive mobile phone market. The company itself is betting big on the upcoming BlackBerry 10 releases to attract more customers and retain loyal ones.

The Chef Executive Officer (CEO) Thorsten Heins has said that company's strong backing for the BlackBerry 10 operating system will allow the company to attract more customers and it will be able to increase its market share in the United States and North America. The company has been struggling to compete with the likes of Apple, Samsung, and Microsoft.

Android and iOS are the two leading mobile platforms and RIM is aiming at the number three spot for its BlackBerry operating system. Heins also said that the platform already has 80 million users around the world and app developers are looking to develop apps for the platform. He also claimed that BlackBerry 10 was the most productive version of the operating system to date.