After trading at distressed levels for most of the summer, shares of Research in Motion (RIMM) have staged a strong comeback since September. The company managed to deliver positive cash flow in Q2 despite substantial challenges, and also announced a January 30 launch date for the Blackberry 10 platform, with devices to go on sale thereafter. This has driven RIM shares up from a 52-week low at $6.22 to a Friday close at $11.60. Yet most of the analyst community continues to believe that RIM's stock performance will turn out to be a "dead cat bounce" rather than a sustainable turnaround. The long-term prospects for the BB10 platform are admittedly uncertain, as the Blackberry ecosystem will need to attract a substantial number of new users to remain viable given competitors' greater scale. However, over the next year or so, RIM will benefit from a customer upgrade cycle that will allow the company to exceed analyst targets for FY14. Initial BB10 sales may in turn boost developer support and help build momentum for a sustainable recovery. As a result, I believe that shares are still undervalued at this point, with a substantial margin of safety. Analysts are still too pessimistic about RIM's prospects.