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The move comes as the Canadian BlackBerry maker continues to fight off fierce competition from Apple (AAPL) and Google’s (GOOG) Android, and struggles to regain confidence from customers after its largest-ever service disruption last month left millions without access to the web.
RIM’s shares have fallen more than 70% since hitting a 2011 high of $70 in February.
In a note to clients, Goldman analyst Simona Jankowski said she was upgrading the company because its current valuation already reflects any fundamental concerns about the troubled smartphone creator, according to a report by Reuters.
The analyst lowered her price target on the stock to $18 from $22, due partially to RIM’s forecasted drop in earnings, but said the company is worth about $9.6 billion, which is in line with its current market capitalization.
The upgrade comes a day after Northern Securities raised its rating to “speculative buy” from “sell” and its price target to $26 from $18.