Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) probably won’t make a deal for Lenovo Group Ltd. (PINK:LNVGY) (HKG:0992) to buy it out, according to analysts at Jefferies. In spite of their belief, shares of the BlackBerry maker rose 14 percent on Monday and continued rising another 3 percent in pre-market trading on Tuesday.

blackberry 10

In a report issued to investors on Monday, Jefferies analysts say it’s “unlikely” that Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) will make a deal to be acquired by Lenovo Group Ltd. (PINK:LNVGY) (HKG:0992) because they don’t think it would receive approval from regulators in the U.S. They say such a deal could post a security concern to the U.S.

Instead, they believe the two companies are in negotiations to create an alliance to co-develop various products “for Lenovo to sell through its corporate channels.” They liken such a deal to one Lenovo Group Ltd. (PINK:LNVGY) (HKG:0992) made with EMC Corporation (NYSE:EMC). If this kind of deal happens, it could still be great news for shareholders because it has the potential to boost the company’s sales. In fact, it will likely be an even better deal than a complete buyout of the BlackBerry maker.

Analysts at Jefferies also point to other indicators that make shares of Research In Motion Ltd (NASDAQ:BBRY) (TSE:BB) a good buy for investors. They said their checks on sales of the Blackberry Z10 show that it’s sold out in a number of new markets, including India where sales have been “particularly strong.” They also said their checks of traditional BlackBerry markets in Canada and the U.K. also show that sales are strong.

They also believe that AT&T Inc. (NYSE:T) will “heavily support” BlackBerry Enterprise Services 10 and possibly even make the platform its “preferred MDM partner across all channels.” AT&T Inc. (NYSE:T) has set March 22 as the launch date for the BlackBerry Z10 and will price it at $199, which puts it in the class of the iPhone5 and other high-end mobile devices. Jefferies analysts believe carriers are paying out around $600 per device, which indicates large amounts of subsidies and support from carriers.