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Fast Money Prop Desk: Research In Motion

Apple may have wowed the crowds over the past two days but RIMM just stole the spotlight!

Just one day after Apple’s widely followed developer’s conference Goldman raised it’s price estimates on rival RIMM to $96 from $85 and reiterated the stock as a Conviction Buy.

Analyst Simona Jankowski writes, “Our retail checks and conversations with the supply chain throughout the quarter suggest continued robust sell-through of RIMM devices, helped by currency tailwinds,” as published by Barron’s.

Jankowski adds that RIMM remains her favorite pick in the communications technology sector, “as it continues to offer the rare combination of significant upside to estimates and a discount multiple.”

What’s the trade?

Not only did Goldman raise the price target but Bank of America has a $100 price target on RIMM, explains Joe Terranova. I think ahead of earnings it sets up beautifully.

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Trader disclosure: On June 10th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Is Long (USO), (AGU), (SKF); Najarian Is Long (AAPL) Call Spread; Najarian is Long (FCX) Calls And Puts; Najarian Is Long (JPM), Short (JPM) Calls; Najarian Is Long (PALM) Call Spread; Finerman Is Long (NOK); Finerman Is Short (USO); Terranova Is Long (RIMM) And Short (RIMM) Sept. Calls; Terranova Is Long (MS) And Short (MS) July Calls; Terranova Is Short (XOM) Call Spread; Terranova Is Short (FCX) And Short (FCX) Puts

Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Virtus Investment Partners Owns More Than 1% Of (ABD), (CAL), (CLB), (DLR), (EPR), (EXR), (IGE), (MEE), (DBC), (DBV), (DBA), (SKT), (UA), (WBMD); Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights