This doesn’t read like the stuff upgrades are made of, but I’m sure Jim Balsillie and crew are pleased just the same.
”RIM’s numerous challenges have been well documented in recent downgrades, earnings reports and press articles: delayed product launches, insufficient and misallocated R&D, poor management reaction to changing industry trends, subpar communication with investors, strengthening competition, falling ASPs, and ineffective CEO and Board structure ring the loudest,” Macquarie’s report notes. “We view these risks, both self-inflicted and structural, as formidable but not yet insurmountable. We believe that RIM’s international business and its software and services segments have a longer tail than many shareholders expect and that current share prices already imply negative value for the US device and tablet businesses.”
As analysts and investors jump ship, Macquarie sees opportunity in RIM.
I wrote an article over a year ago suggesting a Research in Motion / Microsoft partnership. I believe it makes even more sense today. There is no guarantee that their QNX strategy will be successful. So, why not initiate a parallel strategy with Microsoft. At least if QNX bombs, the Windows based phones will buy ‘em more time.
Disclosure: Long RIMM - thinking that they will listen to me this time 
Michael D.
Royal Arse
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