Research in Motion (RIMM, $144.28, down $0.28) is trading lower as we head to lunch despite an analyst raising his price target on the shares to $156 from $124. The stock opened nearly $2 higher from Friday’s close but has given back those gains.

The analyst went on to say that RIMM continues to gain market share even as the overall handset market performs “sluggishly.” The company unveiled its latest BlackBerry model, the Bold, last month and it continues to gain market share. The phone is expected to compete directly with Apple’s (AAPL, $172.14, down $3.13) iPhone which hits shelves 7/11.

RIMM is benefiting in the short-term until the release of the iPhone as the “awareness” for smartphones continues to gain in popularity. RIMM’s stock is showing a little more momentum than Apple’s stock at the moment but both companies have positioned themselves ahead of the competition. Keep an eye on RIMM’s July 150 calls (RULGJ, $6.45, down $0.65). They opened the session at $8.10 and hit a high of $8.30 before slipping to current levels. That’s a 20% swing in just a few hours. If the market can get back on it’s feet in the short-term then RIMM may have a shot at challenging its 52-week high of $148. That’s a big “if” and these calls could get cheaper if market sentiment continues to dampen.

Rick Rouse