Friday October 07 09:59 pm
Research in Motion Acquires NewBay
Research in Motion (NASDAQ:RIMM) has acquired NewBay Software, reports All Things Digital. According to a source close to the company, the purchase price was approximately $100 million. RBC analyst Mike Abramsky notes, "RIM is coming later to market than competitive offerings vs. Apple's iCloud, Amazon's Cloud Drive and related services, and Google cloud apps. It's not known yet whether RIM's offering will match or lag the content and user experience of competitors." Research In Motion (NASDAQ:RIMM) has a potential upside of 26.3% based on a current price of $23.44 and an average consensus analyst price target of $29.61. Research In Motion is currently below its 50-day moving average (MA) of $25.87 and below its 200-day MA of $44.33.