BlackBerry Upgraded to Neutral by Macquarie (BBRY)
BlackBerry (NASDAQ:BBRY) was upgraded by research analysts at Macquarie from an “underperform” rating to a “neutral” rating in a report released on Monday, TheFlyOnTheWall.com reports. The firm currently has a $7.00 target price on the stock. Macquarie’s target price indicates a potential downside of 8.97% from the stock’s previous close.
The analysts wrote, “With press reports over the weekend about Google, Cisco, SAP and Samsung doing due diligence on BBRY, we believe that last week’s fall well below Fairfax’s $9 stalking horse bid price has finally attracted enough interest from the global tech titans who may take a ‘punt’ on enterprise mobility.” Although Smithen noted “no visibility” into the potential deal with Fairfax, he said he is not expecting downside below $6 because government officials in both Canada and the US may be inclined to “broker a quick sale.”
Shares of BlackBerry (NASDAQ:BBRY) traded up 3.77% on Monday, hitting $7.98. 15,225,120 shares of the company’s stock traded hands. BlackBerry has a one year low of $7.46 and a one year high of $18.32. The stock’s 50-day moving average is $9.73 and its 200-day moving average is $12.13. The company’s market cap is $4.107 billion.
BlackBerry (NASDAQ:BBRY) last released its earnings data on Friday, September 27th. The company reported ($0.47) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.15) by $0.32. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company’s quarterly revenue was down 45.0% on a year-over-year basis. Analysts expect that BlackBerry will post $-1.29 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on BBRY. Analysts at Sanford C. Bernstein downgraded shares of BlackBerry from a “market perform” rating to an “underperform” rating in a research note to investors on Thursday. They now have a $4.50 price target on the stock. Separately, analysts at Citigroup Inc. upgraded shares of BlackBerry from a “sell” rating to a “neutral” rating in a research note to investors on Thursday. They now have a $9.00 price target on the stock, up previously from $7.00. Finally, analysts at Raymond James reiterated a “market perform” rating on shares of BlackBerry in a research note to investors on Wednesday, October 2nd. Thirteen research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $9.35.
Research In Motion Limited is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market.
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