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Research in Motion Ltd. (BBRY) Spikes on Morgan Stanley Upgrade

Research in Motion Ltd. (NASDAQ:BBRY), a k a BlackBerry Ltd., had been toiling around the $12 to $14 mark for its stock share price for several weeks although the company has received some positive feedback from various analysts for its “comeback” operating system, BlackBerry 10. While there has been some debate about the sales numbers in Canada and the U.K. during the initial weeks of launch in those countries, there apparently is enough building momentum behind the operating system that an analyst at Morgan Stanley has reversed its stance on the stock.

BlackBerry Ltd (NASDAQ:BBRY)

Research in Motion Ltd. (NASDAQ:BBRY) stock spiked Wednesday upon a report from Morgan Stanley analyst Ehud Gelblum, who reversed his “sell” rating and $10 price target by posting what amounted to a “buy” call with a new price target of $22 per share. As Wednesday’s trading day ended in the U.S., Research in Motion – er, BlackBerry – stock was up about 6.5 percent on the day to $16 per share.

In the latest Morgan Stanley research note, Gelblum wrote about Research in Motion Ltd. (NASDAQ:BBRY), “We have … detected a sentiment shift in the market in response to BB10, as the tone of our conversations with developers has become modestly more positive with many developers now taking a wait and see approach rather than completely writing off the operating system.” He said the upgrade is partly because of the perceived lack of enthusiasm for the Windows Phone 8 operating system – considered the top competitor for the No. 3 spot in smartphone market share.

Research in Motion Ltd. (NASDAQ:BBRY) will be launching its BB10 OS and the Z10 handset into the U.S. market Friday.

What do you think about this upgrade, and the rally of the stock by Research in Motion Ltd. (NASDAQ:BBRY)? Are you in the market for the stock? Let us know your thoughts in the comments section below.

DISCLOSURE: I own no positions in any stock mentioned.

Please see these related BBRY articles:

Cell Phone Wars: Three is Not Company

How BlackBerry Decided to Beat Apple

BlackBerry 10 Not Expected to Gain Ground