RIM Stock Price Continues to Climb; Up 6 Percent on Tuesday

Research in Motion continued its stock price climb on Tuesday -- gaining close to 6 percent during trading.

The stock finished up 5.92 percent, or $1.82, to $32.55 at the end of the day's trading.

The Canadian-based technology company has seen its stock price rise more than 40 percent over the last month, as more and more analysts recommend the company as a stock to buy. It's unclear whether its analyst recommendations or some unknown factor that continues to push the BlackBerry maker stock price upwards.

Sterne Agee recently upgraded the company's stock from a hold to buy position and a $35 target. Sterne Agee analyst Shaw Wu wrote that although Apple's iPhone and Google's Android have far and away dominated the market recently, there is room for a viable third phone.

In our conservation with carriers, they are increasingly concerned with the growing dominance of Google (GOOG) and Apple (AAPL) and want a viable No. 3 alternative, Wu wrote in a note. We believe RIMM benefits being the incumbent and with now a stronger product set.

Jeffries & Co. analyst Peter Misek also upgraded the stock and its price target noting that HP's decision to dump its Touchpad could be beneficial for RIM's oft-criticized PlayBook tablet.

Within the month of August, RIM has been aggressive in releasing new BlackBerry phones in hopes of stopping its dwindling consumer base from moving to an iPhone or Android.

Recent studies in July and August show that consumers overwhelmingly prefer the iPhone or some version of the Android to the BlackBerry for their next purchase, but RIM is hoping to at least hold on to its current third place smartphone market share.

A recent survey of 30,000 consumers by comScore showed yet another drop by RIM in its mobile phone market share, dropping .6 percent to 7.6 percent. It currently ranks fifth in mobile phones, while smartphone competitor Apple checks in at fourth with 9.5 percent.

The new release of BlackBerry 7 phones could help in that department, but the ultimate success in the mobile phone line could depend on the QNX-based smartphones. The first versions are expected in the first quarter of 2012 and are considered to be RIM's best shot at a return to the top.