Barclays Capital raised profit estimates of Research In Motion Ltd. (NASDAQ:RIMM) (TSE:RIM), saying Playbook tablet and QNX phone visibility is improving, and continued international strength appeared sustainable.
The brokerage, which has a price target of $85 on the stock, lifted the company's fiscal 2011 earnings per share estimate to $6.31 from $6.05 and fiscal 2012 estimate to $6.82 from $6.52.
Continued international strength, Playbook visibility, and better margins allow our increasingly conservative FY12/13 EPS to rise further, analyst Jeff Kvaal said in a note.
Kvaal said healthy, if not flawless, third quarter metrics build visibility into the positive thesis.
Shares of RIMM ended Friday's trading at $60.20.