Shares of BlackBerry maker Research In Motion Ltd shot up almost 10 percent on Friday as investors digested yet another solid set of quarterly results from the company, as well as a strong forecast for the upcoming quarter.

RIM, which late on Thursday reported results that topped the forecasts it made in June, also said it broke through the 10-million subscriber mark and shipped its 20 millionth handset.

For the upcoming quarter, it predicted it will add 1.65 million new subscribers better than the 1.6 million many analysts had been expecting.

Its shares, which normally react in after-hours trade the day the results are released, waited until Friday to jump on the news.

On the Nasdaq, the stock rose $9.47, or 9.42 percent, to $110.01. On the Toronto Stock Exchange, it added C$9.37, or 9.3 percent, to $109.67.

We continue to believe RIM has excellent long-term growth prospects and would be buyers on any share price weakness, Raymond James analyst Sera Kim wrote in a note to clients. In the near term, however, we believe the positive catalysts are already reflected in the share price and valuation is getting rich, leaving less room for upside.

Waterloo, Ontario-based RIM's share price has more than tripled since September 2006, as strong demand for its devices and analyst and investor infatuation with the company and its prospects have propelled the stock higher.

Paradigm Capital analyst Barry Richards called RIM's third-quarter outlook spectacular both for revenues and earnings in a note to clients. We believe that RIM's opportunity for strong growth remains entirely intact and that their ability to execute also remains intact.

RIM forecast revenue of between $1.6 billion and $1.67 billion and earnings per share of 59 to 63 cents for the coming quarter.

Several analysts raised their targets for RIM's share price on Friday, including Nick Agostino at Research Capital, who hiked it to $123 from about $101.

Fundamentals are the strongest they have ever been in company history and we believe that RIM is well positioned to grow its brand presence beyond the enterprise market into the consumer market, Agostino wrote in a note to clients.

RIM's push into retail is key to its growth as it seeks to diversify its client base beyond the corporations and governments that most frequently use its wireless e-mail devices.

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