Research In Motion Ltd. (NASDAQ: RIMM) shares are trading higher today after a Credit Suisse analyst upgraded the stock from Neutral to Outperform. The analyst also raised RIMM's price target to $160 vs. $100. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on RIMM.

The stock has risen from a one-year low of $38.84 last November to a one-year high of $131.90 this morning. RIMM opened this morning at $131.62. So far today the stock has hit a low of $129.50 and a high of $131.90. As of 11:30, RIMM is trading at $130.06, up $2.09 (1.6%). The chart for RIMM looks bullish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bullish hedged play on this stock, I would consider a December bull-put credit spread below the $90 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. This particular trade will make a 6.3% return in just 7 weeks as long as RIMM is above $90 at December expiration. Research in Motion would have to fall by more than 30% before we would start to lose money.

RIMM hasn't been below $90 since September and has been really moving upwards, showing support around $121 recently. This trade could be risky if the company's earnings just before December expiration disappoint, but even if that happens, this position could be protected by strong support it has formed around $115 over the past month.

Brent Archer is an options analyst and writer at Investors Observer.
DISCLOSURE: At publication time, Brent neither owns nor controls positions in RIMM.