Handset market is slowing down but fundamentals for Research in Motion are strong, analyst says.NEW YORK (AP) -- An analyst boosted his price target on Research in Motion Ltd. Monday, saying the BlackBerry smartphone maker continues to gain market share even as the handset market performs sluggishly.Piper Jaffray analyst T. Michael Walkley boosted his price target to $156 from $124, implying he expects the stock to rise 8% over Friday's $144.56 close.
"While our checks indicated a sluggish overall U.S. market (in the second quarter), we believe BlackBerry continues to gain market share and overall Research in Motion fundamentals remain strong," Walkley said in a note to clients.
He kept a "Neutral" rating, citing the price appreciation of the stock, which has jumped 28% so far this year.
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