The Canadian company's profit and revenue doubled, matching Wall Street expectations. RIM forecast greater profit and sales than analysts were expecting for its fiscal third quarter, which ends Dec. 1, and said it should gain 1.65 million subscribers during that period.

Citi Investment Research analyst Jim Suva added the company to his Global Technology Conviction List, and said RIM will have 15 million BlackBerry subscribers by May. Suva previously thought the company would take until August to reach that figure, which he called "critical mass."

Investors sold the stock early in premarket trading, but shares later gained $3.46, or 3.4 percent, at $104. The stock closed at $100.54 on Thursday.

Suva said some investors expected RIM to add more subscribers, but said they ignored the rapid pace at which subscriptions grew.

In an earlier client note, Suva noted that it took RIM four years to get its millionth BlackBerry subscriber, but it gained 1.45 million in the second quarter for a total of 10.5 million.

The analyst raised his target price to $117 from $115.

Raymond James analyst Sera Kim praised the third-quarter forecast, but kept a "Market Perform" rating, since the stock price has doubled since May.

"We continue to believe RIM has excellent long-term growth prospects and would be buyers on any share price weakness," she said.