RBC Capital Downgrades BlackBerry to Underperform (BBRY)
BlackBerry (NASDAQ:BBRY) was downgraded by equities research analysts at RBC Capital from a “sector perform” rating to an “underperform” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $5.00 price objective on the stock, down from their previous price objective of $15.00. RBC Capital’s price objective suggests a potential downside of 42.69% from the stock’s previous close.
BlackBerry (NASDAQ:BBRY) traded down 2.46% on Monday, hitting $8.51. 19,180,204 shares of the company’s stock traded hands. BlackBerry has a 1-year low of $6.22 and a 1-year high of $18.32. The stock has a 50-day moving average of $10.29 and a 200-day moving average of $12.58. The company’s market cap is $4.386 billion. BlackBerry also was the recipient of unusually large options trading activity on Friday. Stock investors purchased 113,542 put options on the company. This is an increase of approximately 337% compared to the average volume of 25,984 put options.
BlackBerry (NASDAQ:BBRY) last released its earnings data on Friday, June 28th. The company reported ($0.13) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.04 by $0.17. The company had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.81 billion. The company’s quarterly revenue was up 9.4% on a year-over-year basis. Analysts expect that BlackBerry will post $-0.68 EPS for the current fiscal year.
BBRY has been the subject of a number of other recent research reports. Analysts at Credit Suisse upgraded shares of BlackBerry (NASDAQ:BBRY) from an “underperform” rating to a “neutral” rating in a research note to investors on Monday. Separately, analysts at Jefferies Group downgraded shares of BlackBerry (NASDAQ:BBRY) from a “buy” rating to a “hold” rating in a research note to investors on Monday. Finally, analysts at FBR Capital Markets cut their price target on shares of BlackBerry (NASDAQ:BBRY) from $9.00 to $7.00 in a research note to investors on Monday. They now have an “underperform” rating on the stock.
Nineteen investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $9.65.
Research In Motion Limited is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market.
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