Research In Motion shares are getting a lift Wednesday morning from Bernstein Research analyst Pierre Feragu, who raised his rating on the shares to Market Perform from Underperform.

Ferragu adds that the stock “is particularly cheap on any metric, were the company to stabilize its current position and make the right strategic moves to stay in the smartphone race.” But he adds that “management remains in denial of challenges facing the company and therefore do not recommend buying the stock yet, or at least not beyond a short term play on a likely rebound.”