While Research in Motion has been busy all week trying to defuse a rapidly accelerating international controversy over its encryption codes that sent shares tumbling, the Waterloo-based tech giant found some time on Tuesday to launch its long-awaited response to Apple Inc.‘s iPhone 4: the BlackBerry Torch 9800.    

“We believe this is the best BlackBerry ever released. With strong carrier support, a new App World and new developer tools, we believe the BlackBerry Torch will be a strong seller worldwide,” Mr. Papageorgiou said in a note to clients.

After handling the phone, Mr. Papageorgiou gushed about its solid look and feel, which while similar to the Palm Pre is considered a “superior” experience.

“We were very much impressed with how RIM incorporated touch into the interface and allowed for significant functionality from the home page, while maintaining the popular keypad shortcuts that its current subscriber base has become accustomed to,” he said.

Mr. Papageorgiou also liked the phone’s social feeds app, which consolidates access to Facebook, Twitter, LinkedIn, and other buzzy social media hotspots.

However, he acknowledged that there is a “lack of a showcase feature or stellar hardware” which may create headwinds for the Torch.

“We fear pundits will not appreciate the productivity enhancements made in this OS and will instead focus on the device’s technological shortcomings,” he said.”Although the Torch’s lacklustre hardware specification will likely prove to be problematic in gaining the blogging community’s support, we believe AT&T’s strong promotion … and RIM’s dedication to improving app development will drive strong device sales.”

Of course, whether this phone is any good and whether it is good enough to combat the iPhone are two separate questions.

It looks like RIM has that covered as well, with AT&T exclusively offering the phone at the moment and about to roll out an extensive promotional campaign.

“The Torch will be positioned as its flagship messaging devices, whereas the iPhone is positioned as a media consumption device given its integration with iTunes,” he said. “When asked about iPhone adoption amongst enterprise, AT&T commented how large enterprises were not adopting the iPhone due to the lack of native device management and because of the significant installed base of BlackBerry Enterprise Server. We believe RIM has a strong defensible position in the enterprise space and will make inroads to the consumer segment with its new media-focused platform.”   

Mr. Papageorgiou recommends investors buy into RIM before it takes off, arguing the stock is trading at an undervalued 8.2x price/earnings ratio. He rates RIM a Sector Outperform with a price target of $117.

THE BOW, FUTURE CORPORATE HEADQUARTERS FOR ENCANA CORPORATION, IS THE FIRST OFFICE TOWER OF ITS KIND IN NORTH AMERICA.

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The Bow (PDF Presentation)

Live Cam of the Bow

Fantastic video on the progression of information technology, researched by Karl Fisch, Scott McLeod, and Jeff Bronman

We can only appreciate the miracle of a sunrise if we have waited in the darkness.

— Author unknown