Research in Motion (RIMM) announced its new 3G BlackBerry Bold today, its first major new model of 2008 as well as its first foray into the 3G universe. Citigroup is out with its initial read on the surprise product launch and it thinks that the Bold could bring even more upside for the Canadian handset superstar:
We think the Bold’s specs should appeal to both business and consumer users: 3G data transfer (HSDPA), a/b/g WiFi connectivity, a faster processor, better browsing experience, enhanced display (480×320 vs 320×240), integrated GPS, & traditional RIM productivity tools and security.
RIMM continues to be our top N. American handset pick. With CY08E revenue/EPS growth of 82% & 84% & no need to tap debt/equity markets, we don’t believe current valuation (~35x NTM EPS) should be an impediment to stock price performance.
Citi maintains its Buy rating on the stock as well as its $140 target price.