BlackBerry maker RIM added $1.63 to $97.89 in afternoon trading.

In a Wednesday client note, Credit Suisse analyst Michael Ounjian raised his price target to $100 from $70 and maintained a "Neutral" rating on the stock.

Ounjian thinks RIM will benefit from growth in the smart phone space and rising international traction for its products, but he is still worried that the company's device margins will see pressure in the long-term as RIM increases its reach beyond the high-end market.

The analyst said checks show good demand for the company's Curve smart phone through AT&T Inc. and its new 8820 and 8320 Wi-Fi models at AT&T and T-Mobile USA, respectively. Ounjian increased his fiscal 2008 and 2009 earnings-per-share and revenue estimates for the company, and predicted RIM will post solid second-quarter results and third-quarter guidance when it reports on Thursday.

Meanwhile, shares of Treo maker Palm Inc. added 10 cents to $15.55 in afternoon trading.

Elsewhere in the sector, shares of iPhone maker Apple Inc. added 4 cents to $158.49. Earlier, the stock hit a new all-time high of $159.18, beating the $158.59 high it set Tuesday.

In a note to clients Tuesday, Credit Suisse analyst Robert Semple raised his 2007 fourth-quarter earnings-per-share estimate for Apple to 92 cents from 87 cents and his 2008 earnings-per-share estimate to $5 from $4.83.

The analyst said Apple has only penetrated 21 percent of its possible iPod market, and has "plenty of available future growth." He also thinks the company will sell 2.1 million computers during the quarter, in part because of iPod users who need new ones.

"Specifically, we estimate that of the about 120 million iPods sold over the past four years, 65 million have yet to upgrade their PCs, providing Apple with significant opportunity," he wrote, adding the launch of its Leopard operating system could also benefit the company.

Additionally, Semple thinks that outside the U.S. Apple is getting between 10 percent and 15 percent of monthly customer contracts with wireless subscribers who carry the iPhone -- more than the 10 percent he estimates stateside.

Semple holds a "Market Weight" rating and $185 price target for the stock.

Meanwhile, American Depositary Shares of handset maker Nokia Corp. shed 58 cents to $36.70 and Motorola Inc. dipped 6 cents to $18.66.