BlackBerry Rating Increased to Sector Perform at National Bank Financial (BBRY)
BlackBerry (NASDAQ:BBRY) was upgraded by National Bank Financial from an “underperform” rating to a “sector perform” rating in a research note issued on Tuesday, StockRatingsNetwork reports. The firm currently has a $9.00 price objective on the stock, up from their previous price objective of $5.00. National Bank Financial’s price target indicates a potential upside of 2.04% from the stock’s previous close.
The analysts wrote, “BlackBerry enters into Letter of Intent (LOI) with undisclosed consortium led by Fairfax Financial. The LOI contemplates a transaction to acquire BlackBerry for just over $4.7 bln or $9/sh in an all-cash transaction. It is an LOI and not a definitive transaction as the consortium is seeking financing from BofA Merrill Lynch and BMO Capital Markets, among other due diligence. The target date for a definitive deal is Nov. 4, 2013. BlackBerry is permitted to actively solicit other transactions.”
Shares of BlackBerry (NASDAQ:BBRY) traded down 2.35% during mid-day trading on Tuesday, hitting $8.6125. 13,910,388 shares of the company’s stock traded hands. BlackBerry has a 1-year low of $6.25 and a 1-year high of $18.32. The stock has a 50-day moving average of $10.28 and a 200-day moving average of $12.54. The company’s market cap is $4.439 billion. BlackBerry also was the recipient of some unusual options trading activity on Monday. Traders purchased 142,655 call options on the stock. This is an increase of 185% compared to the typical daily volume of 50,072 call options.
BlackBerry (NASDAQ:BBRY) last released its earnings data on Friday, June 28th. The company reported ($0.13) EPS for the quarter, missing the Thomson Reuters 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. On average, analysts predict that BlackBerry will post $-0.68 earnings per share for the current fiscal year.
BBRY has been the subject of a number of other recent research reports. Analysts at Cowen and Company raised their price target on shares of BlackBerry (NASDAQ:BBRY) from $8.00 to $9.00 in a research note to investors on Tuesday. They now have a “market perform” rating on the stock. Separately, analysts at BNP Paribas upgraded shares of BlackBerry (NASDAQ:BBRY) from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday. Finally, analysts at Citigroup Inc. cut their price target on shares of BlackBerry (NASDAQ:BBRY) to $7.00 in a research note to investors on Monday. They now have a “hold” rating on the stock.
Sixteen equities research analysts have rated the stock with a sell rating, twenty-seven have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $9.29.
Research In Motion Limited is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.