BlackBerry Stock Rating Reaffirmed by Zacks (BBRY)
BlackBerry (NASDAQ:BBRY)‘s stock had its “neutral” rating reaffirmed by Zacks in a note issued to investors on Tuesday, Analyst Ratings Network.com reports. They currently have a $8.25 price target on the stock. Zacks‘ target price indicates a potential upside of 3.51% from the stock’s previous close.
Zacks‘ analyst wrote, “We maintain our Neutral recommendation on BlackBerry Ltd. The company posted disappointing second-quarter 2014 financial results with both the top and the bottom line missing the Zacks Consensus Estimate. Declining smartphone sales, stiff competition from handset manufacturers, escalating marketing expenses and lukewarm response for the new BB10 operating platform will continue to act as headwinds for the company. Meanwhile, the company’s plan to go private may prove favorable. Further, a healthy balance sheet, a huge patent portfolio and presence in 147 countries may act as tailwinds for the company, moving ahead. We also believe that BlackBerry is fairly valued at current levels. “
A number of other analysts have also recently weighed in on BBRY. Analysts at Macquarie upgraded shares of BlackBerry from an “underperform” rating to a “neutral” rating in a research note to investors on Monday. They now have a $7.00 price target on the stock. Separately, 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, October 3rd. They now have a $4.50 price target on the stock. Finally, analysts at Citigroup Inc. upgraded shares of BlackBerry from a “sell” rating to a “neutral” rating in a research note to investors on Thursday, October 3rd. They now have a $9.00 price target on the stock, up previously from $7.00. Thirteen equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. BlackBerry currently has an average rating of “Hold” and a consensus target price of $9.24.
Shares of BlackBerry (NASDAQ:BBRY) traded down 0.77% during mid-day trading on Tuesday, hitting $7.9088. The stock had a trading volume of 10,391,393 shares. BlackBerry has a 1-year low of $7.46 and a 1-year high of $18.32. The stock’s 50-day moving average is $9.6 and its 200-day moving average is $12.03. The company’s market cap is $4.070 billion.
BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings results 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. On average, analysts predict that BlackBerry will post $-1.29 earnings per share for the current fiscal year.
Research In Motion Limited is a designer, manufacturer, and marketer of wireless solutions for the worldwide mobile communications market.
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