Don't look now, but shares of BlackBerry-maker Research in Motion (RIMM) are up over 50% since the start of November.
Several analyst upgrades for RIM have created a splash of confidence that's having a positive ripple effect for the stock price. But the sustainability of the recent rise is contingent upon the success of the BlackBerry 10, expected to officially launch on Jan. 30 and begin shipping in February.
"They have been clowns for the last five years. Let's state that upfront," says Eric Jackson, founder of IronFire Capital. "I just don't think at this point they're going to screw up from here."
Just today, the company launched its BlackBerry 10 Ready Program aimed at helping businesses prepare for the new platform. The BB10 will run on a new operating system and offer keyboard and touch versions of the device.
Until recently, the only position Jackson ever had in RIM was shorting the stock from $70 to $20 a share. He detailed his change of heart in a blog post: "Why I —A Former Short—Just Bought Blackberry's Stock And Think It Can Go to $40".
"The reason why I own it is I'm anticipating no new people migrate to the BlackBerry, but what they do have is 80 million net subscribers," he explains in the attached video. "A lot of lawyers, a lot of investment bankers, finance people, still carry these things around. I'm constantly amazed when I look around and I see people walking around in the street with them."
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