Shares in the Canadian handset manufacturer Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) opened at their highest point since June today. At market open this morning the stock sat at $8.35. The firm has seen its share price collapse in recent months on the back of poor earnings and a declining market share.

Research in motion

Despite the stocks recent strong performance, a report yesterday all but consigned the company to death. That report, from an Avian Securities analyst, suggested the costs associated with breaking up or selling the company would, at current valuations, outweigh the underlying value of the firm’s assets.

The firm’s most recent low was felt on September 24th when the shares fell to $6.22. It was the lowest price for a Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) share since the company began to take off in the latter half of 2003. Since September 24th, and the company’s most egregious low, the stock has risen by more than 30%.

The most likely reason for the company’s recent revival is the release of more information about the company’s upcoming tablet and cell phone operating system, BB10. A better than expected earnings report, made public on September 27, didn’t hurt the firm’s share price either.

Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) has already entered into a strategic review in order to ascertain the best path for its future. The company is in trouble, and it has been in trouble for a long time. Is the current rebound in the firm’s stock justified?

The incredibly low price to which Research In Motion shares have fallen have made the answer to that question a yes for many investors. The positive response to BB10 features and details in the last week, along with an earnings report that surprised the market have given the company a fighting chance in the eyes of investors.

Buying Blackberry shares today might be the same as buying Apple Inc. (NASDAQ:AAPL) shares in 2001. Apple was just after falling to a third of its price after the dot com bubble, there were rumors circulating of a portable music player that might change the company’s fortunes.

In Apple’s case the bet worked out, but not right away. The shares did not see a substantial rise until 2004, since then the share’s performance has been astronomical. There is no reason to expect that kind of performance from Research In Motion. The best that can be hoped, in the short term at least, is that the company saves itself.

This is not to make any particular judgements about the company’s upcoming products. Right now it is impossible to tell how they will be received when they eventually appear. It is just as difficult to predict how they will sell.

Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) is currently undergoing a revival. The current high, and the firm’s shares are falling as I write this, down 1% in today’s trading, is a reaction to the glimmer of hope offered by the most recent earnings report and the positive reception of BB10’s initial details.

It is not the first time a company has had a temporary reprieve on the markets, and with the release of BB10 so far away, the company estimates a drop in January 2013, there will be a great deal of volatility to contend with between now and then.

Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) is a risky investment in the smart phone market. Yesterday’s argument that the company would be an unappealing buy, in whole or parts, mean investors could be left with nothing if BB10 doesn’t succeed.

There is a chance that it will, and in that case early investors will reap huge rewards. Investors need to ask themselves whether or not they believe in the product, and the company. Research In Motion is a risk, but one at a low price. Whether or not it’s worth the $8 per share is up to investors.