RIM Trails Manulife For Second Place in Canadian Market Cap

Gaining another 10% on Friday after beating second quarter earnings estimates, Research In Motion Ltd. (RIMM) now trails only Royal Bank of Canada (RY/TSX) and Manulife Financial Corp. (MFC) in terms of market cap.

Royal leads the way at roughly C$71.141-billion, Manulife is next at C$62.978-billion, and RIM is third at C$60.886-billion.

Strong results and guidance for the third quarter from the BlackBerry-maker led to increased optimism from the Street.

Citigroup hiked its price target by US$2 to US$117 per share, Raymond James upped its target by 10% to US$110, RBC Capital Markets moved up US$5 to US$120, while UBS also gave RIM a US$5 boost to US$125.

Goldman Sachs meanwhile, added RIM to its America’s Conviction Buy List, replacing Cisco System Inc. (CSCO).

Canaccord Adams remained at US$120.00.