RIM’s stock surges with a vote of confidence from CIBC

CIBC has joined the ranks of companies in the Canadian investment community forecasting a brighter less gloomy future for beleaguered Research in Motion. Yesterday, the bank’s capital markets arm raised its price target for the tech giant to $17 (U.S.) per share—more than double its previous estimate of $8. CIBC also improved RIM’s rating from “sector underperform” (not good) to “sector outperform” (good), and an analyst even called the company’s stock “materially undervalued.” Late last week, a National Bank Financial analyst also upped his price target for RIM from $12 to $15 (U.S.) and suggested investors buy shares in anticipation of the launch of the new BlackBerry 10 operating system, prompting RIM to make its biggest gain on the market since April 2009. Now, the company just really, really needs to make sure it doesn’t delay the release of its new OS. Again. [Canadian Business]