Canaccord Adams Upgrades RIM on Signs of a Healthy June

Recent channel checks with global carriers and partners suggesting that Research in Motion (RIMM) had a healthy June, as well as a share price that has lost nearly a quarter of its value since last month, has prompted Canaccord Adams analyst Peter Misek to upgrade Research In Motion Ltd. to Buy from Hold.

“It appears that recent launches of the iPhone 3GS and Palm Pre have done little to disrupt RIM’s momentum and may have in fact benefited the company as competing carriers aggressively position BlackBerry as an alternative,” he told clients.

Checks show that BlackBerry sales with AT&T (T) grew in the double digits month-over-month in June. With the BlackBerry Tour launching with Verizon (VZ) and Sprint (S) on July 12 and the Storm 2 potentially being pushed ahead to an August launch, Mr. Misek doesn’t see RIM losing any momentum.

Even under lacklustre consumer spending conditions, he is more comfortable with the company’s risk/reward profile now that the stock is trading at roughly 14 times Canaccord’s forward 12-month earnings projections.

RIM has demonstrated an ability to grow in very difficult conditions due to its stronghold in the enterprise and strong carrier relationships, the analyst said. Positive results from HTC recently were cited as evidence that smartphones are likely to outperform the broader market.

Canaccord’s price target for RIM remains at US$95 per share.